Peekage CPG Insights: How much do the consumers spend on CBD?

💊 ~40% of people in North America have tried CBD products. CBD products are helpful for chronic pain, anxiety, depression, focus, sleep, well-being, and more. But how often do consumers use them? why do they use them? and how much are they willing to spend on it? This Peekage CPG insights report will examine consumers’ CBD-related behavior and preferences.

Almost half of CBD consumers frequently use CBD

• Surprisingly, more than a quarter of CBD users use them very frequently.

• Nearly one-third of consumers are occasional CBD users.

• Around a fifth of CBD consumers rarely use them.

💵 Current payment for a CBD product: About $45

• On average, current CBD consumers are paying ~$45 per CBD product.

• ~18% of current CBD consumers are paying more than $80 per product.

• One-fifth of current CBD consumers are paying $40 - $80 per product.

• More than half of current CBD consumers are paying less than $40 per product.

💰 Willingness to pay for a CBD product: ~$50

• On average, people are willing to pay ~$50 per CBD product.

• Slightly less than a quarter of CBD consumers are willing to pay more than $80 for a CBD product.

• One-third of consumers will pay ≥$60 for a CBD product.

• More than half of consumers will pay <$40 for a CBD product.

🚻 Men consume CBD more frequently.

Men consume CBD more frequently (~54%) than women (~45%).

Older-age CBD consumers use CBD very frequently.

• >35% of CBD consumers aged between 60 and 80 years use CBD very frequently.

• <30% of CBD consumers aged between 20 and 60 years use CBD very frequently.

✳️ For what purposes do CBD consumers use them?

• More than a quarter of consumers use CBD for chronic pain.

• ~25% of CBD consumers use them for relaxation/leisure.

• Just under a fifth of consumers use CBD for their sleep problems.

• Surprisingly, just ~10% of consumers use CBD for cosmetics and beauty, stress, anxiety, depression, or quitting smoking.

• Less than 10% of CBD consumers use them for improving their focus.

🌱 The younger the consumers the more they use it for focus and leisure.

• ≥35% of CBD consumers aged ≥ 50 years use CBD for pain relief, whereas ≤25% of CBD consumers aged ≤40 years use it for that.

• ≥10% of consumers younger than 30 years use CBD to increase focus, while <5% of CBD consumers aged ≥50 years use it for that.

🚹 🚺 Gender differences and similarities in CBD consumption purposes.

• The same percentages of women and men consume CBD for pain, sleep, relaxation, and focus.

• Women consume CBD for stress/anxiety slightly more than men.

• Men consume CBD for muscle spasms slightly more than women.

💼 Middle-aged consumers are willing to pay more per CBD product.

≥30% of consumers aged between 30 and 60 are willing to pay ≥$60 per CBD product, whereas this is ≤20% in the other age groups.

🗺️ Where are the CBD consumers?

Intent to buy

• California, Washington, Florida, Oregon, and New York are the top five states regarding the intent to buy CBD.

• Wyoming, North Dakota, Alaska, Nebraska, and Hawaii are the bottom five states regarding the intent to buy CBD.

Frequent CBD consumption

• California, Florida, New York, New Jersey, and Michigan are the top five states regarding the frequency of CBD consumption.

• Vermont, Utah, Alaska, Hawaii, and Nebraska are the bottom five states regarding the frequency of CBD consumption.

🔑 Highlights

Frequency of CBD Consumption

• ~40% of people in North America have tried CBD products.

• Almost half of the consumers frequently use CBD, with ≥25% using them very often.

• Men consume CBD more frequently (~54%) than women (~45%).

• >35% of CBD consumers aged between 60 and 80 years use CBD very frequently, while <30% of CBD consumers aged between 20 and 60 years use CBD very frequently.

• California, Florida, New York, New Jersey, and Michigan are the top five states regarding the frequency of CBD consumption.

• Vermont, Utah, Alaska, Hawaii, and Nebraska are the bottom five states regarding the frequency of CBD consumption.

Purpose of CBD Consumption

• ≥25% of consumers use CBD for chronic pain.

• ~25% of CBD consumers use them for relaxation/leisure.

• Surprisingly, just ~10% of consumers use CBD for cosmetics and beauty, stress, anxiety, depression, or quitting smoking.

• ≥35% of CBD consumers aged ≥ 50 years use CBD for pain relief, whereas ≤25% of CBD consumers aged ≤40 years use it for that.

• ≥10% of consumers younger than 30 years use CBD to increase focus, while <5% of CBD consumers aged ≥50 years use it for that.

• Women consume CBD for stress/anxiety slightly more than men.

• Men consume CBD for muscle spasms slightly more than women.

CBD willingness to pay

• California, Washington, Florida, Oregon, and New York are the top five states regarding the intent to buy CBD.

• Wyoming, North Dakota, Alaska, Nebraska, and Hawaii are the bottom five states regarding the intent to buy CBD.

• On average, people are willing to pay ~$50 per CBD product.

CBD current payment

• On average, current CBD consumers are paying ~$45 per CBD product.

• ~63% of current CBD consumers are paying less than $40 per product.

About Peekage

Peekage is an insightful product testing platform that provides affordable and fast consumer insights for CPG brands by collecting data through targeted at-home product testing and retail sampling.

Marketing teams leverage Peekage to boost awareness, drive sales, and increase retail velocity, and product and innovation teams use Peekage to run deep in-home product testing to optimize products, packaging, positioning, and messaging.