The way people shop has changed drastically since the outbreak of COVID-19. With retailers moving online, e-commerce has increased immensely and consumers are now stocking up on goods. Within the wellness industry, the sale of CBD products has been booming as consumers continue stocking up on CBD items, especially among Millennials and Gen Z shoppers.
The research company Brightfield Group has found that 49 percent of Gen Z and Millennials are planning on using more CBD during the weeks and months to come because of its natural calming effects. More people are beginning to experience insomnia and anxiety due to COVID-19 and CBD products offer a natural solution to help lower stress levels.
Large retailers are benefitting from this surge as more shoppers stock up on wellness products. In fact close to 50 percent of shoppers who have used CBD products in the past 12 months have stocked up or plan to stock up on CBD products.
While CBD may be becoming more mainstream, this growth in online sales is having a negative effect on brick-and-mortar retailers who depend on in-person sales. Brands who have yet to switch to online retail shops are being left behind in an age where online shopping is becoming more dominant. For name-brand retailers, this growth in sales may help support them through this crisis, while local brands struggle to remain in business. During this time, retailers are facing changes in how shoppers buy, which is forcing brands both large and small to rethink how they sell.
As businesses continue to close, and for some, permanently shut down, it's likely that brands that are able to sustain business during this time may experience a decrease in competition in the future.
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