As legalization continues to spread throughout the United States, the question of how consumers prefer to use cannabis has become increasingly relevant. Flower or edibles? Oils or extracts? These are the questions that industry experts are asking themselves, and in an annual report published by cannabis technology company Eaze, some answers can be gleaned.
In part two of our four-part series, Analyzing Eaze Insights 2017, Green Market Report will take a look at the consumer rising trends and preferences that Eaze saw in 2017. If you missed out on Part One and would like to catch up, you can click here.
Analyzing the consumer habits of over 15,000 survey respondents and 350,000 cannabis consumers in the state of California, Eaze found that adults of all ages have begun to turn to cannabis as a healthier alternative to alcohol and tobacco. Demand for products with cannabidiol (CBD) has become exceptionally high, leading the company to greatly expand its CBD product offerings.
Demand for ready-to-use cannabis products has also been on the rise. The year 2017 marked the first time in Eaze’s history that demand for ready-to-use cannabis products outpaced the demand for flower. Ready-to-use cannabis products are defined as “convenience products” that are easy to use and typically only require a lighter or the push of a button; such as pre-rolled joints or cannabis oils.
Generationally speaking, Baby Boomers (1946-1964) are the fastest growing age group for cannabis consumers. In 2017, cannabis orders by Baby Boomers increased by 19%, followed by Generation X (1965-1984) with 13%. Demand from Millennials (1985-1995) declined by 1%, while cannabis demand from Generation Z (1996-present) declined by 4%.
In terms of product preference, Generation Z most preferred cannabis flower with 75% of Gen Z customers purchasing flower in 2017. Generation Z also led the way in purchasing pre-rolled cannabis (58%) and concentrates (34%).
Millennials mostly preferred using vaporizers to consume cannabis with approximately 72% of Millennial consumers purchasing vaporizer products in 2017, followed by cannabis flower (68%) and pre-rolled cannabis (56%).
Edible cannabis products are most popular with Generation X. On the whole, however, Generation X also prefers by a wide margin (71%) to use vaporizers for their cannabis consumption, followed by cannabis flower.
Likewise, Baby Boomers make up the most demand for cannabis topicals, approximately 14% of Baby Boomers purchased topicals in 2017, but overall prefer to use vaporizers as well (63%).
With regards to monthly expenditures, Generation X spends the most on cannabis at $189 a month. Close behind, however, are the Baby Boomers, who spent on average approximately $185 a month on cannabis in 2017.
The next highest group is Generation Z, who spent on average $180 a month on cannabis, followed by Millennials, who only spent $179 per month.
Stay Tuned For Part 3
With more people than ever spending an increasing amount of money on cannabis every month, the question of why becomes harder to ignore. One potential answer to that question is the rise of individuals using cannabis not as a recreational substance, but rather as a wellness product.
To find out why more people have started to use cannabis as a wellness product, check back in tomorrow for Analyzing Eaze Insights 2017 Part Three: Trends in Cannabis Wellness.