While U.S. cannabis markets might appear similar on the surface, each is driven by different consumer spending habits – and it is critical for marijuana manufacturers and retailers to understand these patterns as they develop and sell products for each state. Basket size has long been a metric that has helped them do that. The amount a consumer buys at one time is not only an indication of a customer’s buying profile but also the product selection that’s available. For example, retail basket size data provided by Seattle-based data analytics firm Headset showed that a quarter of all purchases in California in 2020 were from consumers spending more than $150 at one time, while purchases of less than $40 made up a larger percentage of sales in Washington state. Retailers are often encouraged to increase average basket size by reducing out-of-stock merchandise, changing product placement, offering loyalty programs, or providing discounts.

Marijuana Business Daily, 02/02/2021 06:30:00

Open article: https://mjbizdaily.com/cannabis-basket-size-data-highlights-differing-consumer-spending-patterns/