According to a report from CBD Oracle, about 54% of cannabis consumers will start to buy less cannabis if inflation continues and the price increases. In fact, one in four retailers are already talking about increasing their prices.
In the report CBD Oracle talked to over 1,500 adults and asked what differences they have noticed and would they still buy cannabis if prices increase.
Here are some of the statistics that were reported.
- Seventy-seven percent of consumers who responded have been negatively affected by the inflation.
- Over the past year, 42% of respondents said they’d continued buying the same amount of cannabis, compared to 35% who have increased their use and 23% who’ve decreased it.
- The people who’ve changed the amount they buy gave a variety of reasons. The most common was health/lifestyle reasons (29%), but 28% cited inflation specifically and 26% said the economy generally.
- Forty-four percent of people would give up or cut down on dining out to afford more cannabis, compared to 38% who’d give up entertainment and going out, 29% who’d give up alcohol or tobacco and 28% who’d cancel Netflix.
- Generally, $30 to $40 was the most people would be willing to pay for an eighth (3.5 grams). Around 57% would still be happy at $40 an eighth, and 83% would still pay $30.
Overall, looking at these statistics, even though half of consumers will buy less cannabis, there will still be several individuals who will continue to buy no matter how high the price gets.