Consumer – Trends Mid-Year, 2024

The mid-year consumer trends report for 2024 reveals that younger beauty brands are driving growth at a major retailer, with brands founded since 2014 seeing a significant increase in sales share. Gen Z consumers show a strong interest in trying new beauty brands and are willing to stick with their favorites. The popularity of GLP-1 drugs, such as Ozempic, continues to grow rapidly, with Eli Lilly generating a large portion of revenue from these drugs. Despite their effectiveness, price remains a hurdle for those interested in taking GLP-1s, with some consumers avoiding them due to fears of side effects and long-term impacts. Additionally, many health insurance plans do not cover GLP-1s for weight loss. The report raises questions about the impact of this trend on food and other consumer businesses and the potential future growth of GLP-1 drug usage.