While inflation has taken longer for alcohol and cannabis products, it is slowly creeping in.
One in four retailers across the country recently said they have either raised their weed prices or plan to raise them more than 10% in the next year.
That’s still far lower than many foods people consume every day – recent figures from the Bureau of Labor Statistics report price hikes of 47% for eggs and 26% for butter. But it’s still enough to make some seriously rethink how often they buy.
According to a recent survey of 1,450 US adults conducted by cannabis research firm CBD Oracle, 54% would buy less cannabis if inflation continued to decline.
Inflation may cause some to reduce lighting
Of those 54%, 41.9% said they would buy somewhat less while 12.3% would be willing to buy much less. 83% of cannabis users said they would pay $30 for an eighth of an ounce (3.5 grams), but only 57% would pay $40.
At the time of the survey, 42% said they were consuming the same amount of cannabis as last year. Another 35% said they bought a little more or a little more.
Among those who bought less, 27.9% did so due to inflation while 29% were looking to change healthy habits or lifestyle.
Of course, all of this only applies to states where marijuana use is currently legal.
“Our survey indicates that there are challenging times ahead for the cannabis industry,” Mark Mellon, chief research officer for CBD Oracle, said in a statement. “Inflation makes it difficult to remain profitable, but with customers also feeling the pinch, any price increases will make some rethink their buying habits.”
Alternative sources of cannabis
But as numbers show time and time again, people tend to raise money for some of their favorite vices. In the survey, 29% of respondents said they would combat inflation by buying cannabis in bulk while 27.3% were looking for cheaper cannabis – which could mean anything from choosing less expensive products at a dispensary to finding cheaper options that might not be legal.
Another 18% said they would try growing their own weed at home while 16.7% of survey respondents said they would use cheaper alternatives to marijuana such as CBD or delta-8 THC.
The survey authors wrote that “the data suggests that people have a resistance – understandable – to reducing the amount of herbs they use, but higher prices may cause problems for some.” “Then the question comes naturally, if you couldn’t save enough by doing things like buying in bulk or growing your own, what would you give up in favor of cannabis?”
The idea of ”downsizing” can mean very different things to people from different social backgrounds — for some, it may mean taking one less international trip per year to buy less and cheaper groceries.
A recent study from insurance company Breeze found that inflation has prompted 73% of American households to cut back on restaurants and fast food, while 57% and 44% spend less on groceries and gas.
As with many other things, higher weed prices are likely to affect lower-income people the most—people who are more financially comfortable are less likely to change habits in this area than any other.