We made it … almost. 2020 is heading into the holiday season and that means holiday shopping, starting with Green Wednesday on November 25. Green Wednesday, which occurs on the day before Thanksgiving, sees a 40% boost in sales according to Headset’s data.
Green Wednesday isn’t just Fall’s 420 though. Shoppers are purchasing differently and likely for different reasons. Many are looking for alcohol alternatives and edibles to add to their holiday cheer (or survive familial small talk?). In 2019, beverage sales shot up over 90% while edibles (+82%) and vapes (+42%) got a boost as well.
With Black Friday consumers begin to shift their mindset toward gifting. This year may be different, as retail analysts at McKinsey point out. Big ticket items will see a major decline this year, leaving opportunity for less traditional gifts and experiences.This may be an opportunity for cannabis, specifically adult use markets that can tap into this. With most people spending more time at home, perhaps cannabis can play a supporting role in the holiday staycation.
Data via Headset. Thanksgiving Week Total Cannabis Sales and Average Discount by Day (CA, CO, NV, WA)
In years past, the week leading up to Christmas typically includes higher sales of edibles (37%), capsules, tinctures, topicals (50%), and beverages. Edibles higher across the board, but sweets like cookies, brownies, blondies, and chocolate see the highest jumps during this time.
What’s the take away?
Consumers are budget conscious and value minded due to COVID and economic concerns. Retail analysts predict less traditional gifts with experience-based gifts getting more traction this year. If cannabis retailers can synthesize these trends into their marketing mix and messaging, both businesses and consumers can end the year on a high note.