Akerna Flash Report: US millennials age 30-40 have spent over $4.7 billion on cannabis in 2021 – WABI

DENVER, Oct. 14, 2021 /PRNewswire/ — Business intelligence from Akerna (Nasdaq: KERN), a leading enterprise software company and the developer of the most comprehensive technology infrastructure, ecosystem, and compliance gateway powering the global cannabis industry, analyzed the 30-40 age range of cannabis consumers, a demographic that has consistently been ranked as the #1 purchaser of cannabis products in 2021. Data shows that the 30-40 age range, often referred to as older millennials, has accounted for 30.2% of all legal cannabis sales this year, with over $4.7 billion spent on cannabis products.

(PRNewsfoto/Akerna)

Older millennials lead spending in many categories, and their impact and preferences will have an enormous effect on the cannabis industry.

Regarding product preferences within the age group, the 30-40 age demographic consistently purchases flower the most at 49%, but when looking at gender, that differs. Flower consists of over 51% of sales for male product preferences, but only 46% for females compared to other products. The 5% sales share difference shows up in the cartridges/pens category, where males spend 30% of their money and females spend 35%.

Female:

Category sales:

Male:

Category sales:

When looking at product preferences in relation to other age groups, the 30-40 demographic purchases more concentrates than older age groups. Conversely, the same group purchases fewer edibles than older consumers.

“The 30-40 age range has consistently led cannabis consumers in the volume of cannabis purchasing,” said James Ahrendt, Business Intelligence Architect at Akerna. “Dispensaries and brands should be paying close attention to this demographic group. Catering to their preferences could make a huge difference in brand and sales success.”

Other values for the 30-40 age range:

1.       Average order total

a.       $116.36

2.       Average basket size

a.       2.87 products per purchase

3.       Category sales:

a.       Flower – 49%

b.      Cartridge/Pens – 32%

c.       Concentrates – 12%

d.      Infused Edibles – 6%

e.      Other – 1%

4.       Demographics:

a.       63.6% male

b.      36.4% female

About MJ Freeway

MJ

Read More Here...

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Share on email

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top