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Applying robust panel data for insights into emerging consumer goods markets

Presented by Alexandra Curley, Senior Consultant, High Yield Insights, Ireland.

Illustrated by two brief case studies: the consumer who uses CBD for sleep and the emergence of the consumer who incorporates CBD into their exercise regime.

In consumer goods markets everyone is looking for the next big thing. But how can we spot trends in emerging markets? High Yield Insights recently conducted a research survey of over 35,000 US adults, of which over 4,000 currently use CBD and 10,000 expressed an interest in trying it. Drilling down into need states and psychographics, we have identified learnings that can apply to any market with legal access to CBD. The sample size allows for challenging assumptions and dated conclusions about the current and potential cannabis consumer, inclusive of CBD products.

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Applying robust panel data for insights into emerging consumer goods markets

  1. 1. Applying robust panel data for insights into emerging consumer goods markets. A Case-Study in the Legal Cannabis Industry April 2021
  2. 2. Abstract of Presentation Using large samples and robust research enables us to focus first on need states and psychographics, the resulting learnings can apply to any market with legal access to CBD. The findings challenge common perceptions on what seem to be well-understood trends, such as CBD for sleep issues. Our large sample size of over 35,000 adults allowed for spotting and analyzing emerging opportunities such as CBD for exercise recovery. Existing CBD players can inform innovation and brand positioning. Emerging brands and entrants can tap into unmet consumer needs and identify pockets for rapid growth. With over 10,000 respondents expressing interest in CBD, that subset of data enables a detailed analysis of tomorrow’s adopter of CBD products. Finally, all 35,322 respondents answered questions on the impact of Covid-19 on lifestyles, shopping habits, and wellness. This critical component can support decision-makers seeking to respond and anticipate the needs of current and future consumers.
  3. 3. Methodology ●  High Yield Insights & InnovateMR conducted a national study among 4,177 US CBD consumers ●  Qualification Target: CBD users (past 3 months) ●  Adults aged 21+ ●  LOI = 17 Min (mobile & desktop) ●  The sample outgo was census balanced by age, gender, region, ethnicity, income, education, and employment status ●  Field Dates: September 25th - October 14th 2020 ●  The sample was supplied using InnovateMR’s proprietary panel, PointClub™. InnovateMR also conducted the programming services and data deliverables
  4. 4. Market Evolution & the Universal Application of Data Established Niche ●  Pain Relief ●  Stress & Anxiety ●  Sleep Issues ●  Mood Management ●  Isolate, Distillate, Broad- and Full-Spectrum Derivatives ●  Exercise Recovery ●  Gender-Specific Needs ●  Alternative to Alcohol ●  Intimate Products Emerging ●  Substitution for Rx, OTC ●  High Ratio CBD:THC Products ●  Pet Products ●  More Formats (Beverages, etc.) ●  Increased Bioavailability
  5. 5. SLEEP ISSUES CASE STUDY: With four in 10 CBD users using CBD to manage sleep issues, we were able to get under the skin of the CBD “Sleep Treaters” and identify new targets for brands which are already, or are thinking of, targeting this consumer need state.
  6. 6. Drilling Down into CBD for Sleep ●  28% of adults described having sleep issues as a result of the pandemic. ●  Among CBD users this figure rose to 42%. ●  60% of adults who listed sleep disorders as a condition they suffered from, said that the pandemic had impacted their sleep. ●  A similar proportion (59%) who used CBD to treat or manage their sleep disorder, cited the pandemic as a contributing factor. Population surveyed Current CBD users CBD for Sleep Issues users 35,322 4,177 1,506
  7. 7. Demographics of CBD for Sleep Users Females Dominate 40% of female CBD users use CBD to manage sleep 28% of male CBD users use CBD to manage sleep Millennials & Gen Z (40%) Gen X (31%) Seniors & Boomers (29%) Scope to Grow for Seniors Base: 1,506 CBD users aged 21+ who use CBD to treat sleep issues
  8. 8. Most trustworthy methods to learn about CBD 15% 29% 30% 40% 49% User reviews (online or in-app) CBD brand website Online forum/ discussion group Via search engine Blogs Base: 1,506 CBD users aged 21+ who use CBD to treat sleep issues
  9. 9. Products used less often as a result of CBD use 53% of CBD sleep treaters who use OTC sleep aids say that they use them less often as a result of using CBD. This figure stands at 40% among those who use prescription sleep aids. Competitive Context Over the Counter Sleep Aids (53%) Prescription Sleep Aids (40%) Base: 1,506 CBD users aged 21+ who use CBD to treat sleep issues
  10. 10. Our Thoughts on CBD for Sleep ●  There is huge consumer interest in products that help achieve the holy grail of 7-9 hours a night. ●  Robust CBD consumer panel data is critical if companies are to capitalize on consumer demand for natural sleep solutions. ●  The differing needs of CBD consumers will inform the direction of brand tiering in this young market. ●  Sleep is a key market opportunity for health and wellness brand operators.
  11. 11. How a survey of over 35,000 adults enabled us not only to identify an emerging consumer niche, but also to put some ‘meat on the bones’ to understand the consumer, their motivations and their usage and purchase habits. EXERCISE RECOVERY CASE STUDY:
  12. 12. Drilling Down into CBD for Exercise Recovery ●  Compared to other usage occasions such as pain management, addressing stress/ anxiety or sleep issues, the use of CBD for exercise recovery is definitely niche. ●  Just over one in 10 current CBD consumers use it for Exercise Recovery. ●  This is the equivalent to less than 2% of the adult population. 35,322 4,177 488 Population surveyed Current CBD users CBD for Exercise Recovery users
  13. 13. Demographics of CBD for Exercise Recovery users Male Majority Male (54%) Female (45%) Non-binary (1%) Current CBD users use CBD for Exercise Recovery Generation Instagram 12% Base: 488 CBD users aged 21+ who use CBD for Exercise Recovery GenZ + Millennials (61%) Gen X (25%) Boomers + Seniors (14%)
  14. 14. Attitudes to Branding Open to CBD-only products from well-known companies I fear that cannabis is going to become too corporate Prepared to pay more for CBD- only products from specialist CBD brands Prepared to pay for CBD-only products from household brands 43% 31% 27% 14% Base: 488 CBD users aged 21+ who use CBD for Exercise Recovery
  15. 15. CBD Categories Used Drinks represent the biggest opportunity for CBD exercise- recovery products. Use and Interest in CBD, by Category Base: 488 CBD users aged 21+ who use CBD for Exercise Recovery
  16. 16. Our Thoughts on CBD for Exercise Recovery ●  Current users, appear to identify a market gap that marries, the specialist knowledge of indie brands with the standards of the big brands. ●  Although currently dominated by men, women may drive growth as this aligns with broader exercise trends. ●  Current lockdown restrictions are curbing some opportunities, but continued consumer research will help to identify which new adaptive behaviours are here to stay.
  17. 17. Key Takeaways ●  Robust research is of critical importance in this emerging market because it enables you to analyze subsets of data to really get under the skin of the current, potential and former consumer. ●  Quality data is hard to come by in the CBD industry. There is an indisputable need for research that is of comparable quality to the data sets that CPG companies have been used to dealing with. ●  As we have hopefully illustrated, by tackling research through the lens of consumer need states, we are able to separate what we actually know about CBD consumers and what we think we know about CBD consumers. This provides greater clarity on market evolution and helps identify new niches.
  18. 18. Leadership High Yield Insights is led by industry veterans of brand strategy, consumer insights, market intelligence, and analytics. As a company, High Yield Insights fosters data-driven discussions in and about the cannabis market and cannabis consumer. High Yield’s team, across multiple practice areas, has a single focus: insights that drive strategic decisions forward. President and Co-Founder Mike Luce Senior Consultant Alexandra Curley Senior Analyst Claire Birks
  19. 19. About High Yield Insights High Yield Insights is a strategic partner to clients seeking advanced, data- driven insights about the cannabis consumer of today and tomorrow. Twitter: @HiYieldInsight Email: Web: