Does the price of cannabis matter? Yes, absolutely!
The price of cannabis is the number one product attribute in the minds of cannabis consumers, with 67% of cannabis consumers listing "price" as an important factor in their purchase decision in 2021. The indicator remained stable between 2020 and 2021, suggesting that the impact of pricing will persist.
Brightfield Group's U.S. Cannabis Consumer Insights Survey has tracked self-reported cannabis consumer spending since 2019. This data gives us a glimpse into how self-perceived cannabis consumption changes between quarter and year.
The spending metrics for consumer reports illustrate any traditional market purchases that consumers are likely to make that aren't counted in point-of-sale data. Since consumption has been integrated into our larger consumer insights, we can also see how very specific demographics perceive their consumption.
We can learn about the concept of marijuana consumption from Gen Z women who consume dried flowers, baby boomers who eat cannabis food every day to treat arthritis, and even elusive consumers who use marijuana regularly but don't spend a penny on marijuana.
Overall price trend
In our exploration of monthly cannabis consumption, we looked at consumers who use cannabis at least a few times a week in 2021, and many of these consumers consume more than $250 per month. Consumers who spend $151-250 per month have the same number of consumers who spend $1-50 per month, while a quarter spend $51-150 per month.
High consumer of cannabis
Cannabis consumers who spend more than $150 a month are more likely to use multiple product types than the average consumer. Their use of all product types, especially e-cigarettes and concentrates, is above the index. Although flowers remain the most popular product type, these consumers are able to enjoy a wider range of forms of cannabis products than others. Being willing to spend more means trying out new products or enjoying many different product types in a month.
In addition, spending more than $150 a month could also allow these consumers to use cannabis more frequently. Most of them—more than 60 percent—reported multiple uses of cannabis per day, while the rate of use for all others was below the index.
Low consumption of cannabis
Cannabis consumers who consume less than $50 don't try more product types or use cannabis as frequently as high-spenders do. Most low-level consumers report using cannabis daily or 5 days a week.
Low consumers' indices for most product types were lower than expected, with a few exceptions — most notably cannabis beverages and disposable e-cigarettes. Both product forms offer great value for money and come at little cost to use. A 300 mg disposable cigarette pen can be used for a full month if the consumer only takes one or two sips a day.
Zero consumers of cannabis
"Cannabis Zero Consumer" refers to cannabis consumers who spend $0 a month on cannabis products. Although most of these consumers use cannabis 2-4 days a week or less, 25% still report multiple uses per day!
One can't help but ask, where can I get marijuana for free? There are two possible options for this – either someone buys for them or they grow it themselves. Most U.S. states that allow adult marijuana to be legal have provisions about home growing in their laws. Depending on the growing conditions, three to four mature female cannabis plants can produce enough dried flowers for a full year for a single consumer of cannabis flowers.
But dried flowers aren't the only product type these "cannabis zero consumers" love. The use of THC gummies/candies and tinctures by this group is more in line with the average level of cannabis consumers than the use of dried flowers or pre-rolled cannabis cigarettes. Just look at the demographics of this group, and the reasons are clear.
Those who consume zero on cannabis are more likely than the average consumer to be over 66 years old and have adult children. They are also more likely to use cannabis to treat pain-related conditions such as arthritis and inflammation. Given the overly high index, part of this "no-spender" population are baby boomers who get marijuana from their partners or adult children and use it to treat illness, but are reluctant to try going to a cannabis pharmacy themselves.
That said, some of these "people who don't spend money" may end up going to pharmacies. Through Brightfield Group's U.S. Consumer Insights Portal, cannabis brands can gain a deeper understanding of these elusive consumers. After all, 45 percent of them said they would most likely buy THC products while reporting their monthly cannabis consumption at zero dollars. For many of them, a change in buying behavior may be imminent.
Self-reported consumer data gives us an insight into the psychology of modern cannabis consumers — including how much they're willing to spend. Whether cannabis brands can use this data wisely to find the right segment for all types of U.S. cannabis consumers who enjoy these products in 2022 and years ahead is entirely up to them.
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