Bethany Gomez, the managing director of Brightfield Group has been observing consumers’ interest and sales of the CBD market for a while. Recently, she has predicted the impact of coronavirus pandemic on CBD sales.
While tracking the huge CBD market that covers more than 3000+ CBD brands, Gomez mentioned that CBD has become an overcrowded field with numerous low-quality products invading the market.
Brightfield Group specified that CBD companies are now prioritizing e-commerce for their CBD products. In case these companies are succeeding in building a loyal relationship with consumers through e-commerce, they are the ones that are going to strongly emerge after surviving the current pandemic.
Gomez affirmed that they received the data from the CBD brands directly, through which they analyzed an initial spike in CBD e-commerce sales at the start of the coronavirus pandemic, which has now decreased to some extent. However, some of the strongest CBD brands have been able to sustain their e-commerce sales even after the initial spike.
Moreover, many CBD stores have been temporarily closed due to the pandemic, whereas several CBD dispensaries are still open. Keeping this in view, Gomez said CBD pharmacies are another big channel for CBD that is still open. On the other hand, CBD retailers have been closed while some of them are trying to shift their CBD business online.
From the consumers’ perspective, Gomez highlighted that people commonly try CBD because of two reasons mainly. Either due to word of mouth or after experiencing a benefit from a CBD product. On the contrary, consumers can disregard the entire category of CBD if they don’t experience any benefit after using a product. However, she also stated that people who take CBD as an essential part of their daily lifestyle are planning to increase their CBD intake.
The Founder of Manitoba Harvest (that makes CBD products from hemp seeds) Mike Fata predicted that the consumers’ interest in health and wellness will endure even during the recession. However, he added that new CBD brands should amend their business plans and preserve cash until everything gets back to normal. He also talked about CBD prices that have been dropped significantly over the past 12-18 months.