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New research from SoapBoxSample reveals cannabis spending will increase even faster than expected, as new products attract big spenders in higher income brackets
LOS ANGELES, Aug. 21, 2018 /PRNewswire/ — Consumer spending on cannabis products is on the rise with no signs of slowing. A nation-wide poll conducted by SoapBoxSample uncovered that users intend to spend more on cannabis this year than last year, and even more next year. The study focused on a range of cannabis consumer types, their shopping habits and the motivations behind their purchasing decisions.
How do cannabis consumers currently get their supply? 52% buy their supply from a friend, 37% go to a dispensary and 18% shop online for cannabis. By narrowing in on the preferences of cannabis users with the spendiest habits, SoapBoxSample uncovered some trends unique to this group. Those who spent more than $101 dollars last month use cannabis products to relieve stress (65%), and also for enjoyment (50%), but not necessarily for social reasons (29%).
Not surprisingly, the biggest spenders are likely to buy in dispensaries, where they can browse through an array of different products. Those with incomes of $100K+ are more likely to purchase cannabis products through a dispensary than those with lower incomes. An unexpected finding is that 47% of users in this high-spending group rely on recommendations when deciding which dispensary to visit, compared to 32% of those in the lower-spending categories.
While big spenders are throwing down for premium products, they are also looking for deals. 44% of users in the high-spending group look for special offers for new users when choosing a dispensary to visit (compared with 31% of users who spend $51 – $100 per month, and 29% of users who spend $1 – $50).
The survey also revealed that the highest-spending group is looking forward to trying new products. Among respondents who have not tried them, edible baked goods or candies, topical ointments, vaporizers, and cannabis-enhanced beverages are a few of the products likely to be sampled in the next six months.
To predict trends in the cannabis maket, SoapBoxSample also looked at the preferences of users in high income brackets. Users who make over $100K per year are more likely to choose vaporizer or edible products than those who make between $50K and $99K.
When it comes to in-store cannabis buying, everyone wants a good price, but women are more concerned with the friendliness/helpfulness of dispensary employees (59% of females say they look for this quality when choosing a dispensary compared to 45% of males.) Another interesting finding — 20% of men say they look at advertising when choosing a dispensary, compared to 12% of females.
The survey results presented in this press release are part of a larger study of cannabis users (N=1,003) and non-users (N=502), fielded between June 28, 2018 and July 2, 2018, with a margin of error of +/- 3%.
You Don’t Know What You Don’t Know. Brands need insights that lead to great ideas. We help you turn your business questions into actionable insights. Whether your company is a legacy brand, or part of an emerging, or niche market, we have a suite of customizable research tools for any project size. Offering a FRESH blend of research and technology, our suite of services includes: community insight platform (icmib); mobile and app-based research; passive metering; online data collection; and full-service design and analytics. To learn more about SoapBoxSample’s cannabis research visit SoapBoxSample.com/cannab
SoapBoxSample Director of Marketing