Seeking Alpha has a piece about a new survey suggesting the impact that the use of Ozempic-type weight loss drugs could have on consumer expenditures.
Three key findings from the study:
• In a survey of consumers, 12.3 percent of respondents said that someone in their households was taking a GLP-1s weight loss drug such as Ozempic or Wegovy.
• “Before beginning treatment, GLP-1 HHs spent over $150 more a month on average on groceries when compared to non GLP1 HHs,” though not all of it because of an individual who eats more than others – there also are issues of larger household size and higher income.
• Once a household member begins using one of the Ozempic-style drugs, monthly grocery spend seems to decrease anywhere from six to nine percent.
KC’s View:
The Ozempic economy, as some have called it, is something with which food retailers are going to have to reckon. For the moment, it appears that these drugs are having a real impact on people’s health and nutrition, which will factor into how much they spend on food.
The impact almost certainly is going to be greater as the drug becomes less expensive and more available, not to mention covered by insurance companies (which it should be since it likely will save them money down the road).
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