Despite the arrival of a global pandemic and prolonged economic instability that has plagued markets as a result, it's been a relatively good year for the CBD industry. In fact, CBD sales in many markets actually increased as a result of the pandemic. Many individuals have started reflecting on how they can improve their overall health and wellness while others still have sought refuge from ongoing stress. In an effort to improve wellness and reduce stress, more Americans have started to turn to CBD as a potential solution. While CBD sales have been strong thus far, there are still a few months left in the year, leaving industry leaders to ponder whether or not sales will end strong.
Fortunately, for those wondering what the holiday shopping season may bring for CBD brands, Green Wellness Life has conducted a nationwide survey of consumers to find out what kinds of trends could emerge this year. The results seem to provide a positive outlook for the industry. Some of the key findings of the survey can be found below.
CBD Products Are Appearing On Wish Lists & Customers Want Them
Surveys indicated that 36% of all consumers have a CBD product on their wish list and 55% of consumers would be excited to receive a CBD product as a holiday gift. With over half of all consumers interested in receiving a CBD product, shoppers will likely want to consider adding more CBD products to their shopping list.
Many Shoppers Are Already Planning To Buy CBD Products This Holiday Season
According to our survey, 46% of consumers plan to buy CBD for themselves this holiday season while 42% of consumers plan to buy CBD products for others. With just under half of all consumers expressing an intent to purchase, demand seems strong for the CBD industry. When asked how much consumers plan to spend on CBD products this year, the largest portion of consumers (42%) said they plan to spend between $50 and $100. This equates to about 1-2 products, but brands may be able to entice consumers to buy more with targeted upsells.
Read The Full Survey
You can see all of the CBD holiday shopping survey results on our site. Additional data includes information on what customers are prioritizing when making purchase decisions and why customers who don't plan on buying CBD products said they won't be buying them. Based on these survey results, the remainder of 2020 should be good for CBD brands. We shall see what sales actually look like in the coming months.
