As 4/20 is upons us, Weedmaps (NASDAQ:MAPS) has provided valuable insights to forecast a significant sales boost for the industry and a widespread celebration of marijuana. The data, derived from big data analysis of user activities on the platform, indicates that the previous year's 4/20 was highly successful, with Weedmaps experiencing a twofold increase in normal operations.
Big Data, Big Deals
Weedmaps pointed out that consumers are prioritizing value, as the platform registered a 200% surge in orders that redeem deals through the platform during 4/20 week of 2023 compared to 2022.
Furthermore, the platform has observed a rising trend in usage, with deal claims increasing by 100% over 2022. This uptick is likely motivated by price reductions, as the costs for flowers, vape pens, and edibles have continued to decrease for the second consecutive year, showing declines of 15%, 14%, and 17% when compared to 2021.
Weemaps also shared that consumers will probably be expending even more in goods than years before, since the average order value surged to $96.22 in 2023, a 14% increase compared to an average Thursday in April of 2023. This is despite deflation.
Additionally, the quantity of orders expanded by an average of 25% in terms of items per basket on 4/20 of last year, in comparison to 2022.
Category Insights
- During the 4/20 retail week of 2023, vape pens witnessed a 29% growth over 2022, and an impressive 126% increase compared to 2020, with the largest demographic being Gen Z (31%).
- Edibles are predominantly favored by consumers aged 50 and above, accounting for nearly half of all edible sales. The edibles category saw a 36% rise in orders during the 4/20 week of 2023 compared to the previous year.
- Cannabis flower remains the top choice across all age groups, with nearly half of all orders on 4/20 in 2023 falling into this category. Remarkably, sales of flowers through Weedmaps surged by 47% on 4/20 compared to the prior year, and this growth expanded to 202% when compared to 4/20 in 2020.