43% of the $16 million spent by Canadians on cannabis in March 2019 was by millennials and 58% of those consumers think of themselves as connoisseurs.
58% of cannabis connoisseurs are purchasing high THC products with a potency of over 20% THC according to survey results from Lift & Co.
At their recent Cannabis Business Conference, consumer profiles were developed for a typical new user and a connoisseur.
Sample Consumer Profiles
- 24 years old
- Self-identifies as a “connoisseur”
- Prefers high THC product
- Lives in BC
- Spends avg of $55 per purchase
- Spends avg of $24 per item
- 97% of basket is flower
- 3% of basket is oil
- Consumes primarily for relaxation and socialization
- 50 years old
- Self-identifies as “new consumer”
- Prefers balanced and low THC products
- Lives in Alberta
- Spends avg of $107 per purchase
- Spends avg of $23 per item
- 89% of basket is flower
- 11% of basket is oil
- Consumes for relaxation and socialization but also consumes for daily activities like cooking and cleaning
Young buyers make an average purchase of $55, but spend more on individual items than other age groups showing that they are looking for quality, whereas consumers over 55 spend an average of $157 per purchase and prefer non-inhalable products. That makes baby boomers an attractive market to target.
Women spend more on products over $50, so if you’re targeting that demographic, ensure you have a good inventory of higher-priced products.
New cannabis users are responding well to the ‘Start low, go slow’ mantra and are spending considerably more money on balanced and lower THC products. This new consumer prefers flower, enjoying the more traditional method of using cannabis.