CBD consumption growing but brand loyalty is low
We stumbled across some fascinating research today which outlines interesting points about consumer behaviour when it comes to choosing and buying CBD.
There were some outcomes that we would have expected - for example, word-of-mouth plays a strong role in what products and brands people choose. However, there was lots of results that we wouldn't have suspected.
Here are the key findings from the reports:
Social Influences and Consumption Drivers provide key insight for brands and retailers:
- 30% of surveyed consumers expect their CBD usage to increase, signaling an opportunity for CBD brands to capitalize on a growing market.
- 49% of surveyed consumers do not have a preferred CBD brand, underscoring an opportunity for brands and retailers to implement loyalty strategies across the CBD market.
- 62% of medical consumers of CBD use it at least weekly and are more likely to show brand loyalty.
- 79% of general wellness consumers primarily or mostly source CBD through online retailers.
- 84% of consumers say CBD was recommended by someone they knew, offering opportunities for brands to capitalize on word-of-mouth marketing such as social media to attract new customers and build loyalty.
There is so much confusion surrounding the CBD industry that it isn't surprising to learn that consumers are relying mostly on word-of-mouth, however, we're shocked to see how low brand loyalty is.
This guide was published by the CBD Bible team. We publish hundreds of guides every month, feel free to explore our website for more reviews and CBD guides.