Report: Millennials account for half of all legal sales, but seniors spend the most
Headset is a data firm focusing on cannabis sales (they’re running surveys and monitoring dispensary sales around the country to provide insights on the cannabis industry), and they’ve recently released a demographic report, explaining who’s buying what in the legal cannabis industry.
Perhaps the most surprising finding is that while millennials are definitely buying cannabis (and make up about half of the market), they’re not spending the most. Seniors (76+) are the ones really spending on cannabis — while the younger generation is going after all kinds of different products (including vapes and dab concentrates), the older generation is mostly buying edibles, and spending a lot on them. Cannabis is also generally 50/50 split by gender — men are definitely the ones buying cannabis the most (responsible for about 60% of all sales), and they’re buying the stronger products, including 70% of all concentrate products. But women are spending on wellness products (including topical and tinctures), and men are too.
You can read the full report over on Headset’s site. The firm believes that the industry is heading younger in the future — as cannabis is accepted more in the mainstream, more millennial and Gen Z buyers will show up, and their willingness to experiment will help expand the market. But there’s also price concerns among that crowd — Headset says that the industry will need to find ways to cut packaging costs and deliver value to keep savvy younger buyers interested. Headset predicts that the industry will move towards consumers making lots of “little purchases, rather than buying premium products” that are much more expensive.