Guess Which Generation Spends the Most on Weed?

Guess Which Generation Spends the Most On Pot?

who spends the most on weed

If you were asked which generation you thought spent the most money on cannabis, you’d probably answer young adults or millennials.

But the surprising truth is that it’s our grandparents.

New data released by cannabis intelligence agency Headset reveals interesting insight onto the demographics of marijuana consumers, and how it can affect buying trends. Never in a million years did we think that those aged 76 and up would actually spend their hard-earned retirement money on the cannabis industry.

Headset takes the data from customers who participated in Washington’s cannabis shop loyalty programs, which have been using the business analytics software of Headset. The data, taken from January 1-August 31, 2019, were cross-referenced with their catalog of products.

Some of the interesting data they found included the fact that baby boomers still prefer flower, which made up for 50% of their purchases. They also tend to spend more with every trip to the dispensary, spend between $55 to $75 compared to younger people who tend to buy more frequently but lower priced products.

This reveals that while baby boomers have more disposable income, they haven’t shown much interest in experimenting with new things or new ways of consuming cannabis. Though they do seem to opt for flower more, and vape pens less, seniors and baby boomers purchase edibles much more than the younger generation.

Men also tend to spend more than women, and men account for 60% of cannabis sales, though millennial men were found to be the most frequent purchasers. On the other hand, women tend to buy “wellness” cannabis products more, such as topicals, sublinguals, edibles, and capsules while men prefer inhalable products such as flowers and concentrates.

CBD products seem to be preferred by women more, since they spend 66% of their cannabis budget on CBD products compared to men. “CBD will absolutely be a part of any successful push in the cannabis industry to bring in more women,” reads the report. “Women already have a preference for CBD products, and it’s already closely associated with wellness.”

“It’s safe to say that as millennials and Gen Zers take over the market, price sensitivity will increase,” says Headset. “Having tons of disposable income is not a hallmark of either generation. That said, cannabis use is, and obviously young people will continue to find room in their budgets for it but will continue enjoying it via a lot of little purchases, rather than by buying premium products.”

Cannabis Use Among Baby Boomers Spikes Ten Fold

Earlier this year, a study from the University of Colorado revealed that cannabis use among senior citizens in the United States increased ten times, as they turn to it to treat several conditions including anxiety, depression, and pain.

The data, taken from the National Survey of Drug Use and Health, found that 3.7% of adults 65 and up reported to using cannabis within the last year, reflecting more than 10 times an increase from the 0.3% in 2007. Meanwhile, 9.4% of baby boomers aged 60 to 64 used cannabis in the last year, a significant increase from the 1.9% a decade before.

The researchers polled 136 participants aged 60 and up, at Colorado senior centers, dispensaries, and health clinics. Many of them reported that they had issues with access to cannabis, as well as saying there was a big problem when it came to physician’s knowledge of treating illnesses with pot. It was also worrying that many of them didn’t ask their doctors about cannabis due to the existing stigma about pot.

“I think they should be a lot more open to learning about it and discussing it with their patients,” says one respondent. “Because at this point I have told my primary care I was using marijuana on my shoulder. And that was the end of the conversation. He didn’t want to know why, he didn’t want to know about effects, didn’t want to know about side effects, didn’t want to know anything.”

Many respondents also said that they preferred to purchase cannabis from dispensaries, which tend to be more expensive, since they are hesitant to ask their doctors to give them an MMJ card or because they fear they would have to leave their insurance provider to find another one that would issue a card.