To obtain a demographic and psychographic profile of a typical CBD consumer in the US. To obtain statistically-backed trends in this industry to inform marketing strategies for a CBD/hemp manufacturer.
- This industry has a CAGR of 38% for the past four years and in 2018, it had reached $12 billion.
- Based on a survey, the demographics of CBD consumers are as follows:
- Consumers are motivated to try CBD by the following factors:
- 42% stated that it was ease of access.
- 44% relied on unbiased research.
- 34% was because of a physician’s recommendation.
- According to market research conducted by High Yield Insights, these are five personas of CBD consumers to consider.
- Senior Susan. This persona group makes up 14% of all users. She is primarily white, does not have college educated. He is a low income earner and has no children. She is 55 or older.
- Entrepreneur Ed. This persona group makes up 12% of all users. He is primarily between 21-34 years old. He is single and earns a modest income. This group consists of African Americans.
- Millennial Marc. This persona group makes up 26% of all users. He is single, between 21-34 years old, white, and earns a modest income.
- Goop-y Gwyn. This persona group makes up 31% of all users. This group is white, between 21-34 years old, married, and has children. This group is 94% female.
- Dosing Dad. This persona group makes up 18% of all users. This group is white, aged between 35-44 years, have a full time job, married, and has children. This group is 91% male.
Summary of our Early Findings
- Our initial research was unable to provide psychographic insights as most of this was behind paywalls.
- From the chat, we have noticed the mention of social media influencers. We will go ahead and instruct the next analyst to exclude this information as it is clear that it would not provide the depth of insight required for this market analysis.
Proposed next steps:
You need to be the project owner to select a next step.
Our initial research was able to provide insights into this industry. We recommend continued research in providing 2-3 insights to provide a psychographic profile and 3-4 insights to provide a demographic profile of a typical CBD consumer in the US. These insights will not include what was already provided in this research stage.
Additionally, we will provide 3-5 statistically-backed current trends in this industry. These trends will focus on factors that affect marketing/advertising/messaging.
Additionally, we will provide 3-5 additional insights into the types of target audiences/personas in this industry. We could provide additional information to the personas presented in this research or provide additional insights into the different personas as available.