Millennials and Baby Boomers are generally regarded as totally different generations with distinct demographics requiring unique targeting when it comes to products. However, if some recent statistics are to be believed this may not be entirely the case where marijuana and cannabis are concerned.
Although one key difference does emerge (see below) there appear to be many factors that apply to both groups. Research from Verilife, a dispensary operator owned by Chicago-based multistate marijuana operator PharmaCann shows that both Millennials and Baby Boomers prefer inhaling to any other form of consumption.
While no specific reasons were provided to clarify this preference it seems likely that the main factors could be:-
Historical.
Smoking in the form of joints or bongs has been the long time method of enjoying marijuana.
Financial.
Purchasing weed to smoke is one of the cheapest ways to obtain and enjoy the product. You only need to purchase the flower and some paper to make a joint and once a bong has been purchased there are no ongoing costs. Popularity among younger people with less disposable income might also be a factor here.
Availability.
Virtually without fail every dispensary has a range of suitable inhalable product on sale.
It would also appear that these factors have an effect on brand loyalty as a further survey in California, Colorado, Nevada and Washington indicated that the top 10 products by brand accounted for less than 50% of sales during 2019.
Spending also appears to be relatively equal to both groups. And, it seems that both have increased consumption during the lock-down periods associated with the Covid-19 Virus.
Data from Seattle-based Headset indicates that both Millennials and Baby Boomers purchased an additional $27 of product per month during the crisis, on top of the $76 per month they were already spending.
The one major difference between the two groups is the reason given for consuming marijuana. For Baby Boomers, 50 % said the only reason was for medical reasons whilst for Millennials 49% stated it was purely recreational. 20% of both groups sited both medical and recreational purposes.
These statistics show how important it is to be aware of the demographics of your customers or potential customers and gearing your marketing, stock and promotional activities towards those that frequent or reside where your dispensary is located.
