The Covid outbreak and its fallout on the cannabis and CBD markets are under intense scrutiny by industry observers. Commercial closures, rampant anxiety and focus on self-care are only some of the factors driving shifts in consumer behaviors. Particularly for the overcrowded CBD market, these changes have far-reaching implications.
With millions of jobless and the greatest recession in US history looming on the horizon, consumers are tightening their belts and looking for value in their self-care products. CBD companies are taking note and, with brick and mortar outlets shuttered, they are moving online with deals to attract the budget-conscious consumer. This spells good news for older adult CBD enthusiasts.
I emailed and spoke on the phone with Virginia Lee, CBD Research Manager at the Chicago-based Brightfield Group, about the CBD consumption patterns of Baby Boomers and elder adults, and how they are positioned to benefit from this new price-slashing trend.