A new demographics report in cannabis trends offers valuable insights into the age, gender, and geography of cannabis sales in Canada and the United States.
Key Findings
Age Demographics
- Millennials and Gen Z are dominating the market, accounting for a significant 72.1% of all tracked sales in Canada and 63% in the U.S.
- Gen Z is emerging as the fastest-growing age group in both countries, with their share of total sales increasing by 11.3% in Canada and 6% in the U.S. year-over-year.
Gender Breakdown
- Males continue to lead cannabis consumption, representing roughly two-thirds of all sales in both countries.
- However, there's a gradual increase in female consumers' market share, with growth rates of 1.2% in Canada and 0.27% in the U.S. between January 2021 and December 2022.
Product Preferences
- In a surprising development, Vapour Pens have surpassed Flower as the top consumer category among Gen Z in the U.S., capturing 33.6% of total sales in January and February.
Spending Habits
- There's a clear correlation between age and average transaction size. Generation X and Baby Boomers tend to spend more, with average basket sizes exceeding $60, while Millennials and Gen Z keep their purchases below $55 on average.
What This Means for the Industry
These trends highlight the importance of tailoring marketing strategies and product offerings to cater to the preferences of younger consumers, particularly Gen Z. The rising female consumer base also presents an opportunity for brands to develop products and marketing campaigns that resonate with this growing demographic.
Looking Ahead
As the cannabis industry continues to mature, staying informed about demographic shifts and consumer preferences will be crucial for businesses aiming to thrive in this dynamic market. Headset's comprehensive report not only provides a snapshot of the current landscape but also offers valuable insights for future planning.
It will be interesting to revisit these trends in the coming years and observe how they evolve. Will Gen Z continue to drive market growth? How will the gender gap in cannabis consumption change? Only time will tell, but one thing's certain – the cannabis industry is in for an exciting period of development.