Weight loss drugs like Ozempic affecting shopping trends, Walmart executives say
Top executives at Walmart say Ozempic could end up slimming grocery store prices.
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Popular drugs used to suppress appetites like Ozempic and Wegovy may have an economic side effect. People who take these drugs appear to be buying less food at Walmart, where this week, Elleadean Nicholas got her prescriptions and groceries.
“I believe it. I’m buying less,” she said.
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She started taking Ozempic after having two heart attacks, and she’s lost 36 pounds since May.
“My shopping cart used to be overflowed because I’d have all the junk and the sodas and all that. Now, it’s less than half of what it used to be,” she said.
Walmart has one of the most sophisticated systems for collecting data on its shoppers, and U.S. CEO John Furner told Bloomberg, “We do see a slight pullback in overall basket … less units, slightly less calories.”
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Leo Feler is chief economist at Numerator, a company that analyzes shopping receipts from millions of people.
Feler said the company is trying to see “how do [customer] consumption patterns change? Then, we’ll use that data to help inform retailers, to help inform food manufacturers.”
Healthcare providers wrote more than 9 million prescriptions for drugs used for weight loss in the last 3 months of 2022. Morgan Stanley estimates that 7% of the U.S. population will be taking these medications by 2035. That’s 24 million people.
“Over the next 10 years, this will likely change the way that customers shop,” said Feler.
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For Elleadean Nicholas and her husband, that’s already happened.
“I’m the shopper, so he has to eat what I shop for,” Elleadean said. “So, it’s also helping him to eat healthy.”
As more people start taking these medications, an analysis from Jefferies Financial Group suggests snack makers like Kellogg, Hershey and Hostess could see an impact. Even airlines might benefit from lower fuel costs as passengers lose weight. Walmart has not commented on the matter.
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