The industry is driven by data
The industry is driven by data. Companies need to know who is buying and what they are buying so they can tailor their products and methods to suit their target market. For burgeoning markets, such as the legal cannabis market in Washington State, there often is little data to go off of.
Thanks to a recent analysis from Cannabis Market Research Report, we now have a little bit more information to go off of—at least if your target market is Seattle. They studied the demographics and purchasing habits of Seattle-Tacoma area residents, and here is what they found.
Demographics of the Average Cannabis User
3.7 million area residents are over the age of 21, making it legal for them to use cannabis products for both medical and recreational use. 44% of those 3.7 million adults use cannabis at least on occasion. The average cannabis user is slightly younger than the average resident—47 compared to 48.
The study found that cannabis consumers earn less per year than the average resident—$63,592 on average, vs $67,605 for the overall population. As you would expect, this translates to a difference in home values, with the average cannabis consumer’s home value at $393,718 compared to $419,780 for the overall market average.
Only 43% of cannabis users are married and about 42% of them have children living with them, making them less likely than the average resident to get married (54%) and more likely to have children (41%).
The study also found that whether or not they use cannabis themselves, the majority of legal adults in the area approve of legal cannabis, with only 11% of residents stating they do not approve of recreational or medical use. Approximately 53% stated they approve of both.
Purchasing Habits of the Average Cannabis User
The most popular product in the Seattle-Tacoma area is cannabis flower; roughly 600,000 purchases of cannabis flower are made per month. The second-most-popular item is edibles, with about 422,000 purchases each month. Pre-rolls come in third with about 383,500 purchases.
However, when you look at where the most money is being spent, the list looks a little different. The average cannabis user spends the most on flower ($66), as one would expect. From here is where things change. Concentrates get $57 from the average user, vape oil $48, pills $40, and vape flower $36.
Overall, this report is in line with prior data and market speculation regarding cannabis consumer demographics and purchasing habits. Perhaps the biggest takeaway for the population at large is that cannabis consumers are not all that different from the population at large.