How Has the Changing U.S. Economy Impacted Consumer Use of Supplements?
Today, more people than ever are taking supplements to help with their health and wellness. The vitamin and supplement industry generates close to $40 billion in sales annually. Let's take a look at how the changing economy may impact consumer supplement use going forward in 2024.
The supplement industry in a unique position due to the current state of the economy and people's lifestyles and spending habits. Below is a breakdown of how supplements are changing and evolving in today's landscape.
The Industry Is Growing
One of the biggest takeaways is that the US wellness market is alive and well and showing no signs of slowing down. Multivitamins alone generate a significant amount of revenue. Many people also purchase protein powder to help them gain muscle mass and satiate hunger.
There are all sorts of supplement stacks on the market that consumers turn to when they need to overcome deficiencies or ensure they're taking in the right nutrients.
While some industries are hanging on by a thread and on the decline, it's clear that supplements are holding strong and growing.
Technology Is Supporting Growth and Awareness
It's not just about supplements; people are paying more attention to their fitness, health, and wellness. When you buy a smartphone today, it comes loaded with apps that count your steps, monitor your sleep quality, and help you with your diet and fitness goals.
People are also signing up for running challenges, doing yoga and pilates, participating in martial arts, and flocking to traditional gyms. Wearable technology is on the rise and helps track important metrics for health and fitness.
This growth in fitness-oriented technology has more consumers paying attention to supplements they otherwise would not have.
The Pandemic Made People Want to Buy More
We're in the infancy stages of the pandemic bounce back, but it's clear that several industries and consumer habits have changed. This worked in the favor of the supplement industry, as these became one of the most popular items to buy during the pandemic.
People were buying supplements alongside cleaning supplies, masks, hand sanitizer, and other essentials. This is rooted in people wanting to do everything possible to care for their immune systems and other aspects of wellness during a troubling health crisis.
The trend remains, as many people who previously expressed no interest in health and wellness became nutrition buffs in the aftermath.
Consumers Trust Supplements
Trust is a big deal for consumers. There are many supplement brands to choose from with varying degrees of quality and effectiveness which causes some to be concerned. However, people aren't nearly as wary of the supplement industry as they are of big pharma and some other sectors.
People today are looking for alternatives to modern medicine due to inherent mistrust over the years. It helps that the supplement industry isn't allowed to make overreaching claims and must acknowledge that certain findings have not been approved by the Food and Drug Administration (FDA).
Because of this, consumers know their mileage may vary while hoping for the best.
These factors and the fact that people are more open to different forms of wellness have built a lot of equity with consumers. It's not uncommon for a person today to have a health and wellness coach, along with a trusted supplement stack that they take regularly.
Inflation Remains a Factor
It's important to look at the economy as a whole. Today, inflation is one of the biggest issues affecting it. The dollar's value has been steadily declining, which makes life more expensive.
People are paying more at the pump, the grocery store, and in taking care of their everyday needs. Because of this, not every consumer will have the discretionary income available to splurge on supplements.
So, while the industry is doing well, supplement companies still have to provide lower-tier price options for the average consumer. This provides something for everyone and lets someone try them out before making bigger purchases later.
There Are Still Untapped Areas
It's important to realize that the supplements industry is still young and growing. While the industry has abundant certain products, such as protein and multivitamins, other areas still need to be explored.
For example, consumers have been left wanting when it comes to sleep-related products on the market. Many people deal with insomnia and other issues and would like a more extensive selection of sleep products.
There's also the fact that researchers are still learning a lot about different supplements, so the best has yet to come.
People Are Spending Different
It's always important to monitor consumer spending habits to see where the economy is headed. Due to inflation and other issues, consumers are tightening their wallets in some areas while freely spending in others.
People spend freely on multiple channels and outlets, both online and in-person. E-commerce makes reaching people easy for the supplement industry since consumers feel comfortable placing orders right from their smartphones.
It opens the door for new companies, small businesses, and solopreneurs to dip their toes into the supplement industry.
The Use of Supplements Is Big Business
As you can see, the use of supplements remains a major factor, both from a lifestyle and business standpoint. Indications for 2024 point to a continued upward trend in healthier lifestyles which include the use of supplements.
SupplementRelief.com is happy to serve as your one-stop health and wellness concierge. Check out our other healthy lifestyle articles to learn more.
Jay Todtenbier is an original founder of SupplementRelief.com in 2010 and has operated the business ever since. He is also a tennis instructor and gospel musician. Formerly he spent 25 years in business development, technology and marketing with startups and major corporations having gone through the tech boom in Silicon Valley in the 90s. He became passionate about, and began studying and practicing Wellness as a Lifestyle after experiencing chronic, personal health challenges including depression, auto-immune disorders, and being overweight that impacted his ability to live a healthy, vibrant life. Since then, he has been an advocate for healthier living encouraging others to live better through making small, gradual changes to lifestyle behaviors relating to whole-foods nutrition, stress management, reasonable exercise, proper sleep, and the use of targeted, high-quality supplements.
Learn more about Jay Todtenbier.
We encourage you to take advantage of these FREE Wellness Resources on our website.
A Stay at Home Wellness Guide
With the onset of COVID-19 in early 2020, more people are spending time at home. This is impacting all aspects of our life and living including how we eat, exercise, work, further our education, worship, shop, and enjoy entertainment, just to name a few important things. This series will provide tips and common sense for how we can live a happier and healthier life while spending more time at home, or any other place for that matter.
Common Misconceptions About Vitamins and Minerals Explained
If you're interested in learning more about vitamins and minerals, read on for a list of common misconceptions and find out the truth before starting a new regimen.
Lifestyle Choices, Nutrition & Quality Supplements
Think back to the time of your great-grandparents. What types of food did people eat back then? For the most part they ate what they could grow on their land or what they got locally from a Farmer's market or some other community-based food supply. So what happened to our food? Why are so many of us sick, overweight and tired?
The Global Wellness Economy
The use of the term wellness has been growing exponentially over the past decade, but what does it mean? What is the definition of the wellness economy? Why is the global wellness industry worth US$4.5 trillion?
Why Spend the Money for Professional-Grade Supplements?
The term professional-grade is used to create a clear distinction between the quality of supplements used by healthcare practitioners compared to those used by the majority of consumers who buy over-the-counter. Professional-grade speaks to sourcing methods and quality of the ingredients used, the reliability of the manufacturing process, and efficacy of the quality assurance testing process. These work together to insure the supplement minimally meets and generally exceeds the standards documented on the supplement label.
The information, knowledge, and experience shared on this website is the opinion of SupplementRelief.com. This site and its content is intended to enhance your knowledge base as YOU MAKE YOUR OWN HEALTHCARE DECISIONS in partnership with your qualified health professional. These statements have not been evaluated by the Food and Drug Administration. Any products referred to are not intended to diagnose, treat, cure or prevent any disease.
Comments are displayed in order of the last one posted so the most recent Comment is at the top and older Comments are towards the bottom. Replies within a Comment are displayed in reverse order with the oldest Reply at the top and the most recent one at the bottom.
Each post identifies who made the post and the date and time the post was made.
Mouse over the icons for tooltips that explain what the data means.
If you see this icon you can attach an Audio file to your post.
If you see this icon you can attach a Document file to your post.
If you see this icon you can attach an Image file to your post.
If you see this icon you can attach a Video file to your post.
You will see the Ban icon (Report Post as SPAM) immediately following the Timestamp of the post. Click this icon if you feel strongly that the content posted is not appropriate and should be reviewed by the Forum Moderator. You will be provided with a confirmation dialog to be sure you wish to submit this post for review. If submitted, the Forum Moderator will be notified to review the post and will determine what type of action to take.
Click in the upper right corner of this Help modal or anywhere on the web page outside of the modal to exit Help.×