eBay exec explains why millennials are buying so much CBD oil
Many millennials may be worried over a possible lack of social security when they retire, but in the shorter-term, the younger demographic is more concerned about products that help ease their state of mind, says one eBay ( EBAY ) executive.
According to the company, millennial shoppers purchased over 217,400 diffusers — devices that disperse scented oils — off eBay this year so far, with a spike in sales over 58% during the last six months alone. And for the first time eBay has disclosed such sales, millennial shoppers also purchased 39,000 cannabidiol (CBD) oils and supplements this year and conducted 284,000 related searches, ostensibly in a bid to treat symptoms of anxiety. (Although CBD comes from the same plant as THC, CBD is better known for its potential medical benefits and does not get the user high.)
“With the ubiquity of mobile devices, millennials are taking deliberate steps to occasionally disconnect, or prioritize wellness,” eBay Vice President of Buyer Experiences Bradford Shellhammer told Yahoo Finance at the Open Mobile Summit on Tuesday in Burlingame, California.
A booming market for CBD oils
Ebay’s aromatherapy sales may not be all that surprising, given its long-established mood and stress-relieving benefits . However, the company’s stats around CBD-related online searches and sales not only speak to a more recent, growing movement to tackle so-called “ digital wellbeing ” in different ways, they also speak to the quietly growing CBD market. According to the Brightfield Group, a cannabis analytics firm, the CBD market is expected to grow from just $591 million in overall sales this year to a staggering $22 billion by 2022.
Much has already been said about the medical benefits of CBD , with advocates contending its all-natural properties can alleviate symptoms of a wide-ranging number of ailments, including anxiety, depression, pain, insomnia, schizophrenia , even cancer .
Added Shellhammer: “I think we’ll continue to see millennials strike a balance between using technology to make their lives more fulfilling and convenient and making a conscious decision to unplug in favor of real-world experiences.”
The eBay executive also noted another unique millennial shopping trend: their need for instant gratification applies to how they spend, contributing to impulsive purchases — at least in years past .
“Millennials are the ultimate multitaskers,” explained Shellhammer. “They never have to start shopping, because they never stop shopping. It’s an ‘always on’ mentality. They are accustomed to immediate gratification, so when something is on their mind, they are quick to put it into their cart. What’s happening in the world around them plays a big role in their purchase behavior.”
Look no further perhaps than the fashion category, for instance. Sales of Christian Dior’s Saddle handbag spiked almost 20% on eBay earlier this year after the French fashion house had 100 global influencers and celebrities help re-launch the iconic bag on Instagram for the Fall/Winter 2018 season. Those increased sales, Shellhammer suggests, were spurred by millennials’ “always on” mentality coupled with Instagram’s popularity and sway with the demographic.
JP Mangalindan is the Chief Tech Correspondent for Yahoo Finance covering the intersection of tech and business. Email story tips and musings to [email protected] Follow him on Twitter or Facebook.
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The analyst wrote, “Biopharma industry interest in exosomes has long been high, but engineering them for a specific function and manufacturing at scale have both proven challenging. Among a field of multiple competitors, CDAK has made the most significant progress on both fronts, and as such we view their technology platform as best-in-class.””Given share underperformance (-37%) since the IPO, we find risk/reward highly compelling at current levels, and with key 2021 data sets to provide potential de-risking and positive share inflection,” the analyst concluded.Suvannavejh rates CDAK a Buy, and his $29 price target shows the extent of his confidence – it implies a 222% upside for the coming year. (To watch Suvannavejh’s track record, click here)Overall, Codiack has a Strong Buy from the analyst consensus – 3 reviewers have put up Buy ratings in recent weeks. The stock is selling for $8.90, and its $24 average price target implies a 166% one-year upside potential. 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The drug is a once-daily treatment, and has demonstrated significant patient relief from symptoms, especially itching and itching-related sleep problems. This is another stock in Suvannavejh’s coverage universe. The Goldman analyst is impressed by developments in the company’s pipeline work, noting: “ARQT provided an update on the outcome of its end-of-Phase 2 meetings with the FDA, following their Phase 2a trial of ARQ-151 in atopic dermatitis (AtD). Feedback from regulators was broadly encouraging, in particular, acknowledging the robust long-term safety data being generated by ARQT for ARQ-151 in plaque psoriasis…”Accordingly, Suvannavejh rates ARQT a Buy, and sets a $36 price target that indicates room for 40% upside growth in 2021. (To watch Suvannavejh’s track record, click here)Arcutis has 2 recent Buy reviews, making the consensus rating a Moderate Buy. The stock’s average price target is $37, suggesting a 44% upside from current levels. (See ARQT stock analysis on TipRanks)Oak Street Health (OSH)With the last stock, we move from medical research to medical care. Specifically, Oak Street Health is a primary care clinic operator, and part of the Medicare Network. The company has operations and clinics in Illinois, Indiana, Michigan, Pennsylvania, and Ohio, along with New York, North Carolina, Rhode Island, Tennessee, and Texas. It has been in operation for eight years, and went public this past summer, holding the IPO in August.In the third quarter, the company’s first as a publicly traded entity, OSH brought in $217.9 million in revenue. The revenue number was up 56% from the year-ago quarter. Earnings per share matched expectations, at 15 cents.The company’s expansion proceeds apace, and in October, Oak Street entered New York by opening, in Brooklyn, its 70th location. 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58% in the next 12 months. (To watch Jones’ track record, click here)“Results suggest operations are still on track, with few incremental updates since the 2Q call, where management noted a resumption of center openings, (pivoted) marketing efforts, and in-person visits despite COVID. In 3Q, OSH opened 13 new centers and is on track for 73-75 by end of year… The company maintained that it is continuing to operate at a high level in places with elevated COVID case counts like Chicago and Detroit,” Jones noted.All in all, the Strong Buy analyst consensus rating OSH is based on 8 reviews, breaking down to 7 Buys and just a single Hold. The stock is selling for $46.94, and its $61.29 average price target suggests it has a
31% upside for the coming year. (See OSH stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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