What’s Hot This Valentine’s Day? Weed Retail Trends, Sales Insights And Love-Driven Business Opportunities
Valentine’s Day presents a promising growth avenue in cannabis retail, particularly in niche product areas like edibles and topicals, highlighted by BDSA analyst Brendan Mitchel-Chesebro in an exclusive with Benzinga Cannabis.
This period marks a unique market opportunity, underscoring the day’s distinct appeal in the cannabis industry for romantic celebrations.
Consumer Behavior Insights
Despite not being the largest holiday for cannabis sales, Valentine’s Day significantly influences the edible and topical segments. These categories, while accounting for a smaller share of overall sales, chocolates and beverages at roughly 1%, and topicals at just under 0.5%, experience considerable sales increases during the holiday.
Data reveals intriguing consumer behavior around Valentine’s Day, with 37% of U.S. consumers preferring to consume cannabis with a significant other, highlighting the plant’s role in enhancing couple’s experiences.
About 56% consume on date nights, with a notable 44% always integrating cannabis into their romantic evenings. Consumption patterns show a preference for evening use, aligning perfectly with Valentine’s Day activities.
Product Categories To Watch
Specifically, chocolates, massage oils and infused lubricants are highlighted as key product categories.
Chocolates saw a 13% increase in sales with minimal discounting, massage oils experienced a 19% sales boost with virtually no change in price, and infused lubricants, despite a 4% price increase, witnessed a 34% surge in sales. This suggests that strategic product selection and minimal discounting can significantly impact sales.
Effective Marketing Strategies
Discounts and promotions, while traditional tools, require careful consideration to avoid cannibalizing sales or diminishing profits. The data suggests a focused approach on specific categories …