Millennials are dominating the cannabis market in Washington state. A new report from Headset Cannabis Intelligence found that half of all the marijuana purchases were from people under the age of 35. In 2016, they accounted for 49% of the market and so far in 2017, the number has shifted upwards to 51% of the market.
Generation Xer’s between the age of 35 and 53 were responsible for 35% of cannabis sales for 2017 and the baby boomers who covered the 54-75 age group only managed 15% of sales.
The millennials may be the biggest group coming through the dispensary doors, but they don’t spend that much. The average item price for millennials was $13.87, Gen Xer’s spent $15.33 and Baby Boomers spent $17.16. The old hippies aged 75 and older are spending $21.09 on average for an item.
The Headset report said, “This data also offers some interesting insight about price sensitivity, showing that Millennials are, as might be expected, more attracted to items with a low overall cost. It might make more sense to buy an entire ounce if you break down the cost per gram, but if you’re just finding your feet in the workforce, that $6 pre-roll special might be a godsend.”
When it comes to product preference, flower is still the big winner. 58% of the millennials buy flower, followed by 17% spent on concentrates and 13% spent on pre-rolls. Gen X is even higher with 63% spent on flower and baby boomers spending o whopping 67% on flower. While all generations seem to agree they like flower, they also seem to agree on the type of flower. Hybrid strains are the predominant choice with over 60% of the money spent on flower going towards hybrid strains. 19% is spent on Indica strains, while 17-19% is spent on Sativa’s.
In the Washington market, there are clear winners for flower favorites. Phat Panda is number one across the three main demographics, while Northwest Cannabis Solutions comes in strong at number two. The remaining top five included the following brands: Artizen Cannabis, Golden Tree Productions, Clandestine Gardens and Fireline Cannabis.
One statistic that is sure to bother dispensary owners and producers is that the average basket size has declined across the board. Gen Xer’s and Baby Boomers experienced a 25% decline in their purchases, while Millennial basket size fell by 18%.