money spent for CBD

The amount of money spent for CBD and Products containing THC in 2022: Statistic and Trends

The Hemp Facts
August 17, 2023

The COVID-19 global pandemic has caused several health crises in America. There are many people who are concerned about protecting their health and well-being, but after a whole year of self-imposed quarantine as well as lockdown, they’re facing mental health issues as well. The pandemic has impacted the school system, work and social interactions nearly everything else in our lives and left a mess of an unbalanced work-life-life balance, difficult personal relationships and no resolution of the road.

For Americans There’s no return in the direction of “normal” yet, but there are solutions. Studies have shown that cannabidiol (often called CBD) can be used to alleviate anxiety and stress. It is legal in all 50 states and with different degree of restriction, CBD may have the potential to provide respite for Americans who are exhausted by the epidemic.

So , how many people will be taking CBD or marijuana by 2022? And how much is their spending on the product? To learn more, we conducted a survey of over 1000 people about their spending habits and consumption over the past year. Let’s look at the data at the products consumers are more often buying, the reason the use of CBD and THC, how satisfied users of CBD and THC are with their lives; and the amount of money they’re spending on a monthly basis.

Changes in Use During COVID-19

The year 2021 was the first time the people polled said they spend more for CBD each month than they did in the past and 34% stated that regarding THC or marijuana merchandise. And while more than one-third of respondents use CBD-only products, a greater percentage have reported using both CBD and THC (54 percent). CBD is the most well-known due to its health benefits, however the THC found in marijuana is also a health benefit. Research has shown that THC can assist with sleep anxiety, insomnia and spasticity in muscles. Of those who were surveyed on average, people spends more money each month, on THC merchandise ($116) than with CBD items ($85).

The spending on marijuana, which includes the two THC as well as CBD merchandise, was at its highest for millennials, who on average, spent 90 dollars monthly on CBD and $123 for THC. Generation X respondents followed closely with an average monthly expenditure of $86 for CBD and $114 for THC. Baby boomers were the most, spending $55 per month in average on CBD as well as $71 per month for products that contain THC. Whatever age you are 6 percent of respondents reported that they usually or frequently surpass their monthly budgets to purchase CBD products, while 13% of respondents who reported similar of THC products.

As compared with 46% those buying CBD products at least once per month and 30 percent of THC users who use similar frequency, we found that 22 percent of respondents said they had purchased CBD several times per month, while 28% of them said similar about THC. A mere 14 percent of THC users said they purchased weekly however only 4% of respondents said they had purchased THC every day or more. In terms of the amount they spend, the majority of respondents said they prefer on the high quality and value of CBD products over price and 62% reported the same about the THC or marijuana products.

CBD and THC Use Goals

When it comes to CBD customers, we observed that the most popular kinds of items were those that are edible (52 percent) and then CBD creams and topicals (34 percent) drops, oral versions (32 percent) as well as CBD drinks (24 percent). In comparison to both millennials as well as Generation X Americans, baby boomers were the most likely to say they prefer CBD creams (44 percent) as well as drops (45 percent).

In the eyes of THC users the most popular types or products were flowers or buds (56 percent) and then edibles (47 percent) and indica-based products (23 percent) and vaping items (22 percent). Although millennials typically said they prefer edibles (48 percent) as well as sativa (22 percent) However, Gen X respondents were most likely to choose marijuana in the form of flowers (63 percent) and baby boomers were the most likely to prefer vaping (27 percent).

CBD as well as THC users had distinct preference for the products they consume and also had different reasons for using them at all. Although THC users were more attracted by feeling relaxed (55 percent) and relaxed (49 percent), CBD users said that their primary motives for using CBD was to ease stress (54 percent) and also to improve their sleep (50 percent). Although research is still in progress studies have shown that CBD may help to alleviate the causes of insomnia, tiredness, or over-the-top daytime sleepiness.

Happiness at Work and at Home

Seventy-five percent of respondents said they were content with their families, which includes 79 percent of CBD users 76 percent of THC users in addition to 73% users who use both CBD as well as THC. Similar to this, we found that 70% of respondents were satisfied with their relationships. This was which was followed by their general life (65 percent) as well as work (60 percent) and sex-life (60 percent) and sleeping (53 percent). CBD users were the most content with all aspects of their lives which included relationships (74 percent) as well as sex-life (tied between 61% and 61% for those who use both) as well as work (63 percent). Respondents who use both THC as well as CBD were highest likelihood to feel happy with their sleeping (55 percent).).

In comparison to 20 percent of CBD users the majority of people reported purchasing products that contain marijuana or THC was essential or top priority for the. Among CBD users aged 40 and older, those who were (21 percent) and 50s and older (23 percent) would be the first to state that the purchase of CBD was a top priority. When it comes to marijuana or THC users those in their 40s, those in their 40s (38 percent) were more likely to indicate that the same spending as a prioritization in their lives.

Increasing Their CBD and THC Budgets

Alongside the current amount they spend, 40 percent of CBD users stated that they were very or moderately likely to pay more money to purchase better quality products, which includes 44 percent of baby boomers and 40 percent of the millennials. 34% of CBD users also said they are considering adding additional CBD product into their everyday routine.

Users of THC (41 percent) were somewhat more likely to say they were paying more for higher high-quality products, as evidenced by the 45% from Generation X respondents and 40 percent of the millennials. More than a third of marijuana or THC users indicated they would like to add more products to their lives, which includes 37% of GenXers and 36 percent of young people.

The Importance of Quality

2020 was a difficult year for the majority of us and over a third CBD as well as THC users reported that they had spent more on their items in the year 2021 than previously. In the survey, THC users typically spent more per month on items, in comparison with CBD users. Yet, CBD users were typically happier with different aspects of their lives including family and relationships , to sexual working and sex. In addition, many CBD as well as THC users said they’d rather spend more for top-quality products.

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Methodology and Limitations

We conducted a survey of 1,003 people who use CBD or THC-related products. In the survey, 545 people used both THC and CBD while 361 consumed CBD only while 97 consumed THC products only. 54% of the respondents were males, while 46% of them were women. Respondents’ age ranged between 18 and 79 years old, with an average of 36.

Generational breakdowns were the focus of our samples were as below:

Millennials: 631

Generation X: 219

Baby boomers Age 1987

The following generations were not excluded The exceptions were The age range was 66

For questions that were short and open-ended Outliers were eliminated. To ensure that every person who responded were taking our survey seriously the respondents were asked to recognize and respond to an attention-checking question.

The data are based on the self-reporting of participants and are only exploratory. The issues with self-reported answers include, but aren’t restricted to exaggeration, selective memory, exaggeration Telescoping, attribution and bias. All data are based on estimates.

Fair Use Statement

Do not worry about sharing the results of this study. We just ask you to include a link to this webpage in all publications for noncommercial usage so that your readers can have access to our research and our methodology.

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