Wednesday, May 29, 2024

Cannabis Consumers Wean Off Of Booze, Over-The-Counter Drugs

Americans who make the switch to cannabis as a recreational substance report a sharp decline in alcohol and over-the-counter drug use, according to a first-of-its-kind study released this week. The study also revealed that older consumers are returning to the herb after a prolonged abstinence.

The study, published by consumer behavior experts High Yield Insights, is the first to shed light on the behaviors, product and format preferences, and demographics of the evolving cannabis consumer in the wake of legalization. Recreational consumers report using cannabis products for a variety of reasons, from relaxation to pain relief to sleep assistance, putting cannabis in direct competition with alcohol and pharmaceuticals.

“We are just starting to grasp how legalization has impacted consumer behavior, be it spending, usage occasions, or shopping habits. Understanding these changes will lead to new growth opportunities for cannabis and further disruption for other categories,” said Mike Luce, co-founder of HighYield Insights and a 15-year veteran in consumer and market research. “Our findings uncovered promising consumer niches for the industry as well. For example, many older consumers (55+) are re-engaging with marijuana, with 56 percent reporting a return to marijuana after having tried cannabis products at a younger age.”

The Recreational Cannabis Consumer report provides proprietary intelligence based on exclusive feedback from current recreational marijuana consumers in states where recreational use has been legalized. By limiting results only to current users, the findings best represent the mindset of today’s recreational consumer.

In addition to preferences on products, strains, and formats, High Yield Insights uncovered valuable data on consumers’ perspectives more broadly. While some express concern regarding issues such as underage usage, 65 percent view legalization as positive for their communities. The report points out this insight and other opportunities for the market as well as risks to ongoing growth.

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