How much money does an average weed smoker spend on legal marijuana every year?
According to Headset Inc., a Seattle-based firm that specializes in the legal cannabis sector, most males fork out roughly $647 per year, with an average waiting period of 19.5 days between each transaction. The figures were taken from a survey that involved 40,000 legal marijuana purchases in dispensaries around Washington State between September 2014 and July 2016.
The survey also uncovered key data related to customer profiles and purchasing habits. Results from the report suggest that 37 is the average age of consumption for recreational cannabis consumers. It’s important to consider that while 37 is the average, most recreational consumers are millennials. In fact, over 50 percent of the group is between 21 and 34. On the other end of the spectrum, senior citizens above 70 contributed less than 10 percent to purchases made from local dispensaries.
While it seems that more young people are interested in the plant, a peek at spending habits per age group answers why retirees aren’t fond of making frequent trips to weed shops. The survey showed that senior citizens in their 80s spent an average of $65 per visit, while individuals in their 20s spent $27 per trip. This makes sense, as people with flexible budgets are more likely to buy in bulk; compared to individuals who may have to work with tighter incomes, such as people who are transitioning from being a student to the professional workforce, or from renting an apartment to owning a home. Furthermore, elderly folks who are not able to visit weed shops on a regular basis may be making the most out of their trips by engaging in larger purchases.
Gender and Preference
The report also highlighted that millennials frequently visit weed dispensaries with an average return rate of 16 days. For adults in their thirties, this figure is slightly higher at 18.2 days, and individuals in their forties- every 20 days. On an annual-spending level, the 40s demographic spends a whopping $823 per year. The fifties age group spends around $753. As pot prices continue to drop, analysts predict that spending in the legal cannabis sector will increase prolifically.
“As you’re older, you might have more money to go and make bigger purchases,” said Headset co-founder Cy Scott. “The millennials might be out and about more; they can drop into [marijuana dispensaries] more often. Older people might just plan more.”
The type of weed products people are inclined to purchase does not deviate far from mainstream preferences of conventional cannabis users. As expected, traditional bud tops the list, followed by pre-rolled joints, vape pens, edibles and concentrates. When it comes to gender, more men purchase bud and concentrates; but more women buy pre-rolled joints and edibles. Both genders have the same spending habits when buying vape pens.