How Has the Changing U.S. Economy Impacted Consumer Use of Supplements?

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.