New Report Shows Last Year Women Bought Twice as Much Cannabis
Baby Boomers are also one of the fastest growing segments in the market.
A California-based cannabis delivery service released its annual Eaze Insights Report, in which the company shows its key findings from 2018 sales. The report was based on anonymous behavior data taken from 450,000 consumers, as well as 4,000 anonymous surveys. Its findings are a great tool for us to get a clue of the direction the industry is heading for this year.
Women Consumers are Catching Up
The female gender is quickly gaining ground on the consumer side of the industry. We’ve known for some time that while the number of women in executive positions in the cannabis industry is decreasing, women entrepreneurs are tilting the balance of what is known to be a male-dominated business.
Eaze’s report is showing how women buyers nearly doubled year-over-year since 2017, growing 92% over 2018.
Market share of women rose 3%, which means that at this rate, the scale between men and women consumers will hit a complete balance by 2022. Women currently make up 38% of the market share total.
While 2018 showed amazing improvement in women empowerment and gender consciousness all over the world, the fact that California legalized recreational use by January 1st of that year, strongly influenced overall marijuana purchases, making women just another segment in the entire transformation of consumer behavior taking place across the state.
A Growing Tendency Towards Consumer Diversification
The market for cannabis products is reaching its highest stage of segment diversification in the history of legal cannabis.
The Baby Boom generation (those born between 1946 and 1964) are by far the fastest growing age group, increasing over 25% in 2018 alone. Boomies (as they’re referred to in Canada) are also the biggest spenders, with spending habits decreasing proportionally by age: Baby Boomers spent 53% more on average than Gen Z consumers, though it is fair to point out that many members of the Generation Z are still currently underage, thus unable to legally purchase cannabis products.
Another consequence of adult-use legalization can be seen in the rise in first-time users, which grew in 140%. This year also marked a record in the platform’s number of purchases per minute, averaging about one purchase every 8 seconds.
On an interview with Business Wire, Eaze CEO Jim Patterson made specific mention to the de-stigmatization of cannabis across age groups, which can be another reason behind this unprecedented wave of consumer diversification.
Cannabis as a Wellness Product
Wellness is the largest common factor behind cross-generational consumption.
The report found that one of the major causes behind the new segments’ acceptance of cannabis is its positioning as a wellness product, especially in the form of CBD, with consumers nearly doubling since 2017. Baby Boomers are again the segment leading the CBD rush, and female boomers represented one-fifth of the total of consumers purchasing Cannabidiol as their primary cannabis product.
CBD was also reported as a major ally in reducing unhealthy habits like tobacco smoke, alcohol consumption or over-the-counter pain medication across generations.
Although the report does not draw information from whole-country demographics, since the so-called “Uber of Weed” operates primarily within the State of California, its findings are of great value for the entire cannabis industry, given California’s pioneering condition in terms of marijuana legalization and sale.