Weight Loss Drug Wallet Share of $205/Month Is Shifting To Wellness
Jan 26, 2024
Weight Loss Drug users spend is shifting away from bad food and alcohol. This shift is creating an opportunity for $205 per month for more wellness wallet share based on my analysis.
Consumer Behavior with Weight Loss Drug users is expected to impact spend in big industries! JP Morgan Chase has indicated big spending pattern shifts amongGLP-1 users (anonymous data from 95 million JP Morgan customers). Here are the 4 key areas;
-Decline in Fast Food Sales
-Drop in Alcohol Sales
-Shift in Snack/Soda Preferences
-INCREASE Demand For Fitness
Here is some data on ONLY weight loss drug users and the potential impact to these industries and why Fitness is in a prime position!
85% of Fast Food Sales Decline. Avg American spends $148/Mo on Fast Food each month and $3,639 on average eating out each year.
60-70% Alcohol Consumption Reduction. Avg American spends $583/Yr on Alcohol and some reports have this much higher (in the thousands).
80% Reduce on Snacks and 70% on Soda Spend. The avg person spends $9.22/week on snacks and the avg household is $850/year on soda.
So lets assume a Weight Loss Drug User follows this.. Here is the Math
Fast Food Budget: $22/Mo ➡ Savings: $125/Mo
Alcohol Budget: $20/Mo ➡ Savings: $28/Mo
Snack/Soda Budget: $16/Mo ➡ Savings: $50/Mo
A TOTAL SAVINGS OF $205.02 Per Month Which is Getting Re-allocated To A Healthy Lifestyle, Fitness, Spa, Apparel Stores and more... The Wellness Wallet Share Is Growing!
Granted this may not be true for all users but the use case with the data proves the point. There is additional "Wallet Share" with these consumers and the spend is shifting to Fitness and Wellness Industry.
So what are you doing to capture this wallet share!?! You don't have to sell drugs... You need to develop products and services that help people maintain this lifestyle so you can keep your portion of this new wallet share!
Imagine a new program like FitOn Health did with Noom, Power wellness is doing with MyFitRX and others we will see. Find a way to cater to this customer & build a program for them & work with the networks to do integrations, partnership, etc. the list goes on...