With a market value that has quickly skyrocketed into the multi-billion dollar range, the recreational cannabis industry has become an economic beacon for the few states that have successfully implemented full-scale legalization. Clearly, much of this worth is being driven by legal buyers who have made trips to their local retail pot shops a normal part of their daily lives. A new study, conducted by LendEDU, showcases some surprising data about recreational cannabis consumer trends, providing more insight into the financial habits of customers.
After conducting a poll on 1,000 pot users in states that have legalized recreational cannabis, the researchers found that the average marijuana consumer spends around $111.05 per month on products. In fact, 27.6% of the responders claimed to spend more on legal green than they do eating out at restaurants. The study goes a bit more in-depth on these trends, stating that the average legal buyer purchases over 6 products every month, each of which costs around $17.85.
"The point to be made is that in states where marijuana has become recreationally legal, the consumption of the drug has become both a priority and lifestyle choice," writes LendEDU research analyst Mike Brown.
The study also found that 50 percent of pot consumers include marijuana in their monthly budgets, demonstrating the fiscal significance of cannabis in the everyday life of users. As far as retail cost goes, 59 percent of the survey respondents claim that their monthly marijuana product purchases have decreased. On the other hand, 54.2 percent stated that the number of products they’ve bought had increased.
Although recreational cannabis is currently legalized in only seven states and the District of Columbia, the study proves just how much value the growing market contains. With states like Colorado raking in over $1 billion in retail marijuana sales last year, the LendEDU research provides a deeper look at the prominent role that consumer spending habits play in the growing success of this evergreen industry.