Consumers continue to adapt as more channels open up.
The first half of 2020 was very turbulent for the CBD industry. Most brands, especially brick and mortar, experienced severe declines and there was a mass extinction of small brands across the landscape. Many consumers changed behavior, new user growth declined, and online became the primary purchase channel. As economies open up and many behavior shifts become the norm, the trends we are seeing are a leading indicator for what's to come in 2021 and highlight some key areas where CBD brands should focus.
In this report, answer key questions like:
How are new users behaving in the market?
Are people still using more CBD?
What are brands doing to educate consumers?
- As many purchase channels open back up, what is performing well?