Study: Younger Generations Show Preference for Cannabis Over Alcohol
WASHINGTON, D.C. — 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 behavior 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 percent of those surveyed said they were likely to replace some of their drinking with cannabis in the future.
- 65 percent said, given a choice, they prefer cannabis to alcohol.
- 47 percent said their drinking had not changed in the past two years.
- 31 percent said they now drink less than they used to, and 23 percent said they drink more.
"The challenges California is now facing licensing cannabis businesses has slowed the market's growth, but not the enthusiasm for legal cannabis. With 72 percent of American adults under 35 now supporting cannabis legalization, the growing acceptance and legalization of cannabis is a durable generational trend that the state's famed wine and beer industries should be paying very close attention to," said John Kagia, chief knowledge officer for New Frontier Data.
To download the full study, click here.