Are you paying enough attention to Gen Z? You should.
The exploding CBD market, in many ways, has created great energy in the direct selling space with a number of companies enjoying explosive growth.
The health and wellness sector of direct selling has been the largest category worldwide for a number years and it appears the addition of CBD products will help keep it there.
The market demand for CBD products, both inside and outside direct selling, has outstripped anything in recent memory, and estimates have it pegged for a 40 times increase in just a few years.
That high market demand, however, has regulators and some health care officials concerned about safety issues as well as unsubstantiated claims. Not to mention it’s still actually federally illegal to add CBD to food products.
That illegality certainly isn’t stopping much of anybody from doing just that however; CBD-infused food and beverages are popping up literally everywhere. Even CVS and Walgreens have announced plans to start carrying some CBD products.
Our cover story addresses these issues: Though concerned, both Congress and the FDA seem to be willing to work out the legal issues surrounding CBD-infused food and drink in a manner that both protects the public and gives rein to this growing industry.
As the research progresses and more becomes known about ingestible CBD, regulation will be sure to follow.
It’s a sure bet the emerging Gen Z, with their substantial $44 billion in buying power, will be interested in the CBD market. Our Special Report this month takes a look into their interests, keen desire for authenticity, and their buying habits.
Gen Zers are tagged as those born between the mid-1990’s and the early 2000’s (often cited as 1995 through 2012) which makes them currently between 7 and 24. They represent roughly 40 percent of American consumers.
If it feels to you that you still have plenty of time to focus your technology and marketing strategies on this group without falling behind, consider that many companies are just now figuring out how to market to millennials, and the oldest people in that group are now nearly 40. In other words, it’s too late.
Our exclusive infographic—The Optics, page 16—provides you with a handy summary of this generation’s attributes, styles, work preferences and motivations. Take a look and start honing your Gen Z strategy today.
Marketing intelligence firm Numerator recently used its omnichannel shopping panel and data collector to predict that Generation Z could have $143 billion in spending potential.