Running a business in nearly any industry requires hefty research and development. Conducting research is a key element to any successful business, as it properly outlines various imperative factors, like popular trends, product and service pricing, and consumer behaviors.
One industry in particular that requires such research is cannabis. The cannabis industry has recently exploded due to a slew of reasons, but especially the legalizations of both medicinal and recreational marijuana usage and growth across several states in the US.
According to a survey from Gallup, 49% of Americans have tried marijuana, which is the highest statistic to date. In 2015, it was just 40%. This drastic difference implies that acceptance and enjoyment of marijuana and other cannabis products have greatly increased in recent years.
The cannabis industry is continually growing and expanding, meaning that those in it need to be vigilant in their awareness of these changes and others in order to best cater to their clients and to continue to be successful. That is where cannabis consumer behavior comes into play.
What is Consumer Behavior?
Let’s start with just consumer behavior for the time being. Consumer behavior is the study of consumers and what exactly drives them to purchase products and services. This study is one of the most important aspects of the marketing world.
Studying and understanding consumer behavior is so important because it allows sellers to effectively reach the expectations of their customers. This will include the answers to questions that begin with the “5 W’s and 1 H.” Why do they buy, who buys it, where do they buy it, how often do they buy, what do they buy, and more.
Understanding the answers to these questions will, in turn, allow consumers to get what they want while also providing sellers with the business and sales they want or require. They can apply this knowledge to not only the products and/or services they already have, but also for future more innovative options.
What is Cannabis Consumer Behavior?
Just as you might have already guessed, this is the behavior of cannabis consumers. This includes answering the same questions (who, what, where, etc.), but there are still other factors that those in this industry need to consider, such as:
Consumer Perception of Cannabis Evolution
As mentioned above, the marijuana industry is growing, so those in it need to understand how people feel in terms of its legalization and usage. According to Pew research, 91% of U.S. adults believe marijuana should be legalized.
State Legalization
Those in the industry should know full well which states have legalized marijuana, but also if it’s medicinal or recreational or both.
Market Research and Growth
Keep an eye out for the constant market growth, which appears to be skyrocketing in recent years.
Surge during the Pandemic
Another reason that the market has drastically increased is due to the pandemic, as there was a massive surge in marijuana usage during that time.
Where Can You Get Cannabis Consumer Behavior Research?
It may be taxing to take this research on by yourself, so put your faith in the professionals at ISA Group. They specialize in bringing the most relevant and recent research information to you, but especially in terms of cannabis research. Give them a call at 818-989-1044 with any and all questions you may have.
