We may be mislabelling the Ozempic story.
GLP-1 medicines are a healthcare story. But they are also a demand story.
A new paper in the Journal of Marketing Research uses transaction data to put numbers on the GLP-1 effect: food spending falls about 5.3% within six months of treatment starting.
In low-margin FMCG, 5.3% is not trivial. It is the difference between a growth year and a restructuring year.
We correctly focus on the profound health benefits of these treatments. But we are under-pricing the macroeconomic ripple effect. When millions of people fundamentally change their core consumption habits at the same time, the shockwaves hit every aisle in the supermarket.
