The CBD market is one that continues to grow year over year with analysts projecting sales of over $23 billion in the United States by 2025. So far, 2020 has been no exception to the trend of growth with CBD sales increasing in many markets due to stress induced by the pandemic, but what will the remainder of the year bring? Will industry sales finish off strong with the holiday season fast approaching? What kinds of CBD shopping trends will emerge in the coming months?
The team at Green Wellness Life had these exact questions in mind. So, we decided to conduct our own holiday shopping survey for the CBD industry. We surveyed 100 consumers across the United States who expressed that they will be conducting holiday shopping this year. The results of our survey can be found below.
There Will Be More Of A Focus On Health & Wellness This Year
Our survey indicated that consumers will place more of an emphasis on shopping with health and wellness in mind this year. That’s a finding that may not be that surprising considering the ongoing pandemic and high levels of stress induced by the election year and an unpredictable economy.
A whopping 87% of consumers indicated that improving their overall health and wellness was a New Year’s resolution for 2021. While 54% of consumers said that their spend on health and wellness products would remain unchanged from last year, 29% plan to spend more on health and wellness products this year compared to 17% who plan to spend less. More consumers plan to spend more than less, which should result in an overall net increase in sales for retailers selling health and wellness products this holiday season.
Just Under Half Of Consumers Will Be Buying CBD Products This Holiday
While a majority of consumers are looking to improve their health and wellness in the coming months, not everyone is looking for CBD products (yet). 49% of consumers surveyed plan to use CBD products during the holiday season. 46% of consumers plan to buy CBD products for themselves and 42% of consumers plan to buy CBD products for others.
The Planned Spend On CBD Products Varies
The largest portion of those planning to buy CBD products this year appear to be shopping for one to two products. 42% plan to spend somewhere between $50 and $100 on CBD products this holiday season. 15% indicated an intent to buy $100 to $200 worth of CBD products. Another 24% plans to spend $200 or more on CBD products this year.
Price & Deals Offered Will Be The Most Important Deciding Factors
Those that are planning to buy CBD products this year indicated that price and deals offered will be the biggest factors they consider when deciding what to purchase. The study found that 31% of those buying CBD products indicated price as the largest deciding factor. The strength of the product was the next largest factor at 28% followed by the perceived credibility of the website or store at 17% and the product’s convenience of use at 12%.
CBD Products Are Showing Up On Holiday Wish Lists
CBD products are showing up on holiday wish lists this year. Our study found that 36% of consumers surveyed have a CBD product on their wish list.
Over Half of All Consumers Would Be Excited to Receive a CBD Product as a Gift
While only 36% of consumers have a CBD product on their wish list this year, 55% of consumers stated that they would be excited to receive a CBD product as a gift this holiday season. This is just one more reason for consumers to consider adding CBD products to their holiday shopping list.
Reasons CBD Products Aren’t On Holiday Shopping Lists
There were a few different reasons why CBD products didn’t make it on the shopping list for some consumers this holiday season. Of the consumers that said they weren’t planning on buying any CBD products this year, 53% said they wouldn’t be doing so because they simply aren’t interested in CBD products.
Outside of a lack of interest, 23% are concerned that the products may not be safe, 11% feel the products are too expensive, 9% aren’t sure they work, and 2% are worried the products might be psychoactive.
It would appear that CBD brands still have some educating and reassuring to do for the 23% that are worried about product safety and the 2% that fear the products are psychoactive. Further education on the benefits of CBD products may also spike interest in some of the consumers that said they weren’t interested in CBD products.
More Consumers Could Benefit From CBD Products
While just under half of all consumers expressed intent to purchase CBD products this holiday, almost all of the consumers surveyed could benefit from the use of CBD products. 42% of consumers surveyed admitted to getting holiday depression on an annual basis. As previously mentioned, an overwhelming majority of consumers (87%) noted that improving their health and wellness would be a part of their 2021 New Year’s resolution. Moreover, 86% of consumers expressed intent to buy skincare, haircare, or bath and body products this holiday season. CBD infused products could be beneficial for all of these consumers.
- For those with holiday depression, studies have found that CBD induces fast and sustained antidepressant-like effects. There are many CBD products on the market that are well-designed for mood improvement.
- Hemp oil can also be very beneficial for skin, because it is rich in omega 3 and omega 6 fatty acids along with vitamin A and vitamin B. CBD oil-infused skin products make for great moisturizers and may even help to combat acne. Those looking for skincare products should certainly consider CBD topical skin products. Those looking for bath products might also find CBD bath bombs and bath salts more enjoyable than their non-CBD counterparts.
- Last, but not least, CBD holds many potential benefits for improving overall health and wellness. CBD can help to relieve stress, reduce chronic pain, aid the immune system, and more. Starting to regularly use CBD products now could give many consumers a head start on achieving their New Year’s goal of improving their overall wellness.
Thus, while over half of consumers aren’t intending to purchase a CBD product this holiday season, many of those same consumers may actually be looking for a CBD product without knowing it yet. CBD brands looking to increase sales and exposure will need to make the benefits of CBD products clear to the aforementioned groups who could stand to benefit from them.
About Green Wellness Life
Green Wellness Life was founded with the goal of providing as many people as possible with affordable access to natural, safe, and holistic complementary health products. Green Wellness Life specializes in selling CBD products that are independently lab-tested, environmentally sustainable, and backed by research.
We are not doctors. We cannot diagnose or treat any medical conditions, but we can provide you with recommendations on our favorite products and the latest scientific research on CBD. We are always happy to answer any questions you may have regarding CBD or CBD products. You can call (888) 772-7875, press the live chat button, or fill out a contact form to speak with a member of our team.