Retail sales data provider BDSA has reported that monthly sales growth in New Jersey’s adult-use market has outpaced that of other adult-use markets tracked by the firm.
The state’s market is succeeding despite having a lower per capita retail count compared to other adult-use markets, according to a press release from BDSA.
“BDSA Retail Sales Tracking shows that the state brought in approximately $200 million in legal sales from April 21 to July 31,” the release states. “Dollar sales have seen a compound monthly growth rate of roughly 10% from May through July 2022. As a point of comparison, Illinois posted a compound monthly growth rate of just 3% in its first three full months of adult-use sales.” (“Dollar sales" refers to sales in dollars, as compared to other measurements, such as units sold.)
Out of consumers surveyed in New Jersey, BDSA Consumer Insights reports that more than half claimed to be “past six-month consumers, an approximate 15% increase in consumer penetration since spring 2020.”
BDSA also notes that as New York and Connecticut consumers are awaiting adult-use sales, consumers are likely coming from those states.
Another trend that has emerged in New Jersey, per BDSA, is many consumers’ affinity for flower. While flower usually accounts for 40% of the dollar sales in other markets, flower purchases made up more than half of monthly dollar sales in New Jersey, the data company reports.
