Brand Plays Critical Role in CBD Purchases
Written by: Maggie Cowee – Hemp Industry Daily
Even in the relatively new competitive market around CBD, consumers are turning to trusted companies and brands to acquire products with the cannabinoid.
Nearly one-third of respondents to a survey from High Yield Insights said they purchase CBD products from a specific brand’s website – more than those who said they use a general online retailer and nearly twice the number who said they would use a general CBD-focused website.
Additionally, 35% said they were more likely to purchase CBD from a known brand and 37% said they were “excited” about the prospect of buying new cannabis products from other recognized consumer packaged goods (CPG) companies.
High Yield Insights, a Chicago-based, cannabis-focused consumer insight and market intelligence firm, conducted the online survey of 2,000 consumers 21 and older across the United States in January.
The report’s authors highlighted that most of the consumers surveyed were using CBD to treat health and wellness issues such as depression, chronic joint pain or arthritis, chronic muscle pain and insomnia.
Those health- and wellness-focused CBD users want to feel the same level of trust with CBD brands that they have for CPG brands they are used to having in their household or seeing on store shelves.
This level of brand recognition and value should bode well for mainstream health-focused retailers who have entered the market for CBD products, hoping to capture a piece of a market that may exceed$1 billion in sales this year.
Here’s what else you need to know about the situation:
Maggie Cowee can be reached at email@example.com