According to a 2019 Forbes article, women in the United States make up for just over 50% of the population, but control or influence 70-80% of household spending. In addition to the overwhelming majority of household spending, 85% of women surveyed reported that when women find a brand they like, they will remain loyal to it.
Now for the cherry on top, an NBC News Article reported a ~150% increase in marijuana sales to Gen Z women shoppers, followed by an increase of ~50% in Millennial women shoppers, followed by an increase of ~30% for Gen X women shoppers during the pandemic; all of which outpaced the growth of their male counterparts.
It’s no surprise here that marijuana retailers are tracking and trying to find unique ways to capture a more women-focused audience sooner rather than later.
Health and wellness products are viewed favorably by women shoppers, and CBD fits right into that category. Having a house brand CBD product leaves another, unique product impression that provides a positive impact for many consumers.
One way we’ve been able to assist retailers in this space is our bath and topical products. Custom molded, formulated, and scented products provide an exclusive consumer experience. In addition, daily supplement products like CBD tincture typically provide a 1-month supply, meaning another reason for a customer to return to the store.
One of our most popular products in this subcategory is bath bombs. With our ability to create custom molds, color, scenting, and formulation options, retailers love this low-priced, exclusive product.
These products typically carry a $10-15 MSRP and provide maximum relaxation and recovery experience depending on the ingredients used. This is an easy cross-sell product that has produced results for our retail partners.
Interested in focusing some effort on attracting more women shoppers? Let’s start the conversation.
About the author:
Nick Young is a cannabis entrepreneur focused on processing and product development in both the hemp and marijuana markets. Nick has been a featured speaker at the Lean Farm School and iHemp Midwest speaking on industry innovation and process. Nick is also a tortured Detroit Tigers, Red Wings, Lions, and Pistons fan.