IWSR and BDS Analytics have just determined that cannabis poses a long-term threat to the alcoholic beverage industry. A new conclusion was made from recently gathered data which indicated a shift in consumer preferences toward the direction of buying cannabis and alcohol. The current data from ISWR and BDS analytics shows a new trend where consumers, and most likely millennials, are not making purchases which are only alcohol-based.
Vice-president at BDS Analytics, Jessica Lukas, stated: “Our research shows that up to 40% of adults 21 and over consume cannabis in states where it’s legal. Cannabis presents substantial opportunities across consumer industries, including new occasions that alcohol cannot and will not play. Consumers will continue to look to cannabis products over alcohol for occasions when they are feeling creative, need to get motivated, or seeking health, medical or wellness benefits.”
The 2018 outcome for alcoholic beverages consumed totaled to 3.345 billion cases of booze, or 7.9 billion gallons. 2018’s total of 3.345 billion cases represented a 0.8% drop in cases consumed when compared to the total amount of cases consumed in 2017.
IWSR, Leader in Alcoholic Beverage Market Research finds ‘Long-Term Risk’ from Cannabis Legalization