Consumer preference has reached an intersection. A decreased stigma and greater access to legal cannabis products are shaping the way younger generations spend money, a new study from New Frontier Data, a data, analytics and business intelligence firm for the cannabis industry, shows.
"Young adults approaching legal drinking age represent new potential consumers for alcohol brands, but New Frontier Data's research reveals a noticeable shift in younger generations' preference of cannabis over alcohol," noted Giadha Aguirre de Carcer, founder and CEO of New Frontier Data. "Whether such a shift is indicative of potential sustained behaviour over time or a short-term spur in consumption remains to be seen, and is something we are currently looking into, but in the meantime, it could materially impact the alcohol industry."
Some of the key findings of Cannabis Consumer Series: Alcohol vs. Legal Cannabis Consumption in North America include:
- 45% of those surveyed said they were likely to replace some of their drinking with cannabis in the future.
- 65% said, given a choice, they prefer cannabis to alcohol.
- 47% said their drinking had not changed in the past two years.
- 31% said they now drink less than they used to, and 23% said they drink more.