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The State of Consumer Spending: Millennials Driving Success of New Retail Models and Shaping Retail Trends in U.S. and U.K.



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New First Insight Study Finds Millennials Using Subscription Boxes,
Flexing their Favorite Brands and Shopping In-Store/Online the Most

AMSTERDAM, Netherlands–(BUSINESS WIRE)–As Millennials gain a reputation for being category killers across
various industries, a recent study by First Insight, a global technology
company transforming how leading retailers make product investment,
pricing and marketing decisions found when considering new retail models
and shopping behavior, Millennials are currently using subscription box
services the most with more planning to subscribe in the coming year
than other generations. Further, Millennials are the most likely
generation to “flex”, or display brands to show a personal association
with the brand, across every brand category in both the U.S. and U.K.

The State of Consumer Spending: Millennials Flexing their Retail Market
Influence in U.S. and U.K. study
points to the growing power of Millennial shoppers, as their behavior
contributes to the success and longevity of several retail models
internationally more than other generations. According to the study,
Millennials also are currently the biggest spenders both in-store and
online and are the most likely to add additional items to their carts
than other generations. The results were based on a recent study of
consumers on shopping habits, purchase behavior and influences driving
decisions in the U.S. and U.K. Millennials are defined as those born
between 1981 and 2000.

“Millennials continue to be the dominant force in retail both in the
U.S. and the United Kingdom, as their shopping habits can be a deciding
factor in what makes or breaks the success and longevity of retail
models,” said Greg Petro, CEO of First Insight. “Our study found that
where Millennials shop, how they shop and when they wear the brands they
love are in close alignment with how they define themselves. Retailers
must be able to connect with this generation through the right shopping
experiences and unique products if they want to capture the attention of
this important generation of shoppers.”

The results were announced today during the World Retail Congress in
Amsterdam. Download the report and accompanying infographic to see all
the key findings from the study here.

Key findings include:

Millennials Big Spenders in the U.S. and U.K.

According to the study, Millennials in both the U.S. (74 percent) as
well as the U.K. (58 percent) were most likely to spend more than
$50/50£ per visit in-store as well as online. This compares to 71
percent of Generation X and 65 percent of Baby Boomers in the U.S., and
42 percent of Generation X and 38 percent of Baby Boomers in the U.K.

Similarly, Millennials in the U.K. are also spending more than other
generations online, as 50 percent of those surveyed spend more than 50£
per visit, compared to 47 percent of Generation X and 33 percent of Baby
Boomers. In the U.S., Generation X shoppers are most likely to spend
more than $50 when shopping online (59 percent), more than half of
Millennials (54 percent) are spending as much, followed by Baby Boomers
(49 percent).

Millennials Most Likely Impulse Shop in Both U.S. and U.K.

In both the U.S. and U.K., by generation, Millennials have the highest
added-to-cart percentage rates in-store and online. In the U.S., 87
percent of Millennials said they sometimes or always add items to their
carts they weren’t planning to buy when shopping in-store. This compares
to 86 percent and 78 percent of Generation X and Baby Boomer
respondents, respectively. U.K. respondents mirrored these responses
closely, as 83 percent of Millennials said the same, followed by 76
percent of Generation X and 69 percent of Baby Boomers.

When shopping online, U.K. Millennials are more likely to sometimes or
always add items to their carts (83 percent) compared to the U.S. (78
percent). However, Millennials both in the U.S. and U.K. far outpace
other generations in their respective country. In the U.K., 69 percent
of Generation X and 52 percent of Baby Boomers surveyed said they add
items to their cart when shopping online. In the U.S., 74 percent of
Generation X and 53 percent of Baby Boomers said the same.

Millennials Biggest Users of Subscription Box Services in U.S., and
U.K., but Far Fewer Respondents Overall Plan to Subscribe in U.K.

Data around usage of subscription box services is similar when comparing
the U.S. to the U.K., driven primarily by Millennial adoption.
Twenty-five percent of respondents in the U.S. and 23 percent of the
respondents in the U.K. currently subscribe to subscription boxes. This
is driven primarily by Millennials in both countries, as 31 percent of
Millennials currently subscribe to subscription boxes in the U.S. versus
21 percent and 8 percent of Generation X and Baby Boomers, respectively.
In the U.K., 32 percent of Millennials versus 22 percent of Generation X
and 10 percent of Baby Boomers are currently subscribers.

However, when considering longevity of the subscription box model, data
reflects a significant difference between U.K. and U.S. shoppers. While
in the U.S., overall 32 percent of study participants intend to
subscribe in the next six months, only 13 percent of U.K. respondents
said the same. When looking at generational breakdowns, 38 percent of
Millennials, 28 percent of Generation X and 22 percent of Baby Boomers
in the U.S. plan to subscribe in the next six months. This is
significantly more than U.K. respondents, where only 18 percent of
Millennials, 9 percent of Generation X and 8 percent of Baby Boomers
plan to subscribe.

Both U.S. and U.K. Shoppers Prefer to Flex Sports Brands Over Luxury
Brands, with Millennials Flexing Most Often

The study also examined which types of brands are being “flexed” most.
Flexing is to wear or display brands to show a personal association with
the brand. This can be done to display wealth or status to make a
statement. While the assumption may be that most consumers prefer to
personally associate with luxury brands, the study found that sports
brands are actually the most popular in both the U.S. and U.K., with
Millennials the most likely to flex all brands across every category.

In both U.S. and U.K., an average of 23 percent and 24 percent percent
of study respondents overall said they are flexing sports brands, versus
19 percent in the U.S. and 23 percent in the U.K. saying the same for
heritage brands. By comparison, an average of only 17 percent of U.S.
respondents and 21 percent of U.K. respondents flex luxury brands.

The generation most likely to flex luxury brands is Millennials in both
the U.S. (19 percent) and the U.K. (22 percent), they were significantly
more likely to flex sports brands (26 percent in the US and 27 percent
in the U.K.). Further, heritage brands were also more popular with
Millennials, as 21 percent of Millennials in the U.S. and 25 percent of
Millennials in the U.K. reported flexing these brands.


First Insight’s findings are based on the results of a U.S. consumer
study of a targeted sample of more than 1,000 respondents fielded in
February 2019, and a similar study of 565 respondents in the U.K.
fielded in April 2019. The study was completed through proprietary
sample sources among panels who participate in online surveys.

About First Insight, Inc.

First Insight is the world’s leading customer-centric merchandising
platform that empowers retailers and brands to incorporate the Voice of
the Customer into the design, pricing, planning, and marketing of new
products. Through the use of online consumer engagement, the First
Insight solution gathers real-time consumer data and applies predictive
analytic models to create actionable insights, which drive measurable
value. Retailers, manufacturers and brands use the First Insight
solution to design, select, price, plan and market the most profitable
new products for reduced markdown rates and improved sales, margins and
inventory turnover. Customers include some of world’s leading vertically
integrated brands, sporting goods companies, department stores, mass
merchant retailers and wholesalers. For further information, please


First Insight
Gretchen Jezerc
SVP of Marketing
[email protected]

Media Contact:
Berns Communications Group, LLC
Berns/Michael McMullan, 212-994-4660
[email protected]
/ [email protected]

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Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits




HERZLIYA, Israel and CALGARY, AB, Feb. 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.

The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.   

The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.

Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.   

About Innocan Pharma:

Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales.

Contact Information:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025


Caution Regarding Forward-Looking Information

Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.


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Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer




DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.

Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.

“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”

About Schwazze

Schwazze (OTCQX: SHWZ) (NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.

Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.

Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected] 

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Hemp, Inc. Reports: Hemp-Based Foods Market Set to Reach $8.36 Billion by 2028



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