You may have heard that January 2021 is National CBD Month – recognition of the transformative effect that CBD has had on people’s lives. While there are endless days and months dedicated to causes and initiatives, CBD is a force worth greater attention.
CBD has been embraced for pain relief, as an anti-inflammatory, arthritis, sports recovery, and for its stress and anxiety-reducing benefits. In addition to its health and wellness benefits, it’s also being used as a treatment for skin problems including redness, irritation and calming inflamed skin.
Major brands including Nordstrom, CVS, and even Casper Sleep are offering CBD-based products – helping drive a business that Forbes Business Insights said was worth $2.19 Billion in 2019.
While there’s no doubt about the market growth of CBD, we think its momentum with consumers is worth exploring. The MRI Cannabis Study released in November surprised us with the scale that CBD has connected with consumers. According to the study, 159 Million Americans (63% of adults) agree that CBD has many health and beauty benefits. A total of 28 million adults (11%) of adults say CBD has been beneficial to me and my health. And since March 2020, over 11 million people say they started taking CBD during the COVID pandemic–driving total CBD use to almost twenty million users.
They’re quite unique as a wellness audience. While conventional “health seekers” targeted by health brands skew older, CBD users are much more likely to be under 50 (83%/153 index), and almost half are under 34 years old. They’re also more likely to be male (51% vs. 41%), and nearly half have kids at home.
High achieving people.
CBD consumers live full and very busy lifestyles: 41% have a college degree and almost half of CBD users have a household income of $100K+. Their high indexing attitudes and expectations have more in common with new economy or luxury brands than the traditional alternative medicine/supplement user you might equate with CBD:
I consider my work to be a career, not just a job (56%/125 index)
Make it to top of profession (51%/122)
Work most weekends (45%/119)
I often find myself in a leadership position (71%/115)
I’m so busy I often can’t finish everything I need to in a day (70%/111)
Often eat on the run (46%/114)
Likely to change jobs in next twelve months (17%/126)
Plan to buy a second home/vacation home (9%/126)
Plan to start a new business (9%/115)
Lease a new car (10%/129)
Expect to become a parent (8%/140)
Its anti-inflammatory properties make CBD a favorite of endurance athletes for pain relief and recovery. The MRI study revealed a high index for kickboxing (188), CrossFit (174), spinning (173) running (139 indexes), and Marathon/Triathlon (115). And it’s not just pulse-pounding sports – CBD users enjoy Yoga (118) and a round of golf (118) as well.
Beauty Discoverers and Influencers.
Women using CBD are active beauty and self-care early adopters. Compared with the larger beauty consumer base, they’re more likely to say they’re the first to try new things (43% vs. 31%), are influenced by what’s hot and not (38% vs. 29%), prefer products with the latest technology (55% vs 48%), and share opinions about products by posting reviews (40% vs. 32%).
Given their high-energy, high-impact lifestyles, CBD consumers can be a very rewarding target audience for new and established mainstream brands. The Fyllo CBD audiences provide a unique point of entry to this fast-moving and responsive consumer movement.