Fashion
Ozempic boosts sales of smaller clothes, fashion executives say
Another ripple effect on the economy: Ozempic and other weight-loss drugs are boosting sales of smaller-sized clothing.
According to several clothing brands, customers who have recently lost a lot of weight are now looking to downsize their wardrobe.
Lafayette 148 CEO Deirdre Quinn told the Wall Street Journal that 5% of their customers buy new clothes due to weight loss. And Jennifer Hyman, CEO of Rent the Runway, told the outlet that more customers are turning to smaller sizes than ever before in the company's 15-year history. Executives noted that they could not say with certainty that weight-loss drugs were the direct cause of these new trends.
Additionally, some customers who have lost weight are now experimenting with new styles.
Maggie Rezek, 32, lost 60 pounds with semaglutide, the active ingredient in Ozempic and Wegovy. She told the Wall Street Journal that she bought a new wardrobe after her weight loss.
Before, I was insecure about my body. Now I feel like I fit clothes better. It gives me the confidence to dress up and look more stylish. Maggie Rezek
This is just one example of the impact of diabetes and obesity drugs, known as GLP-1, on the economy and consumer behavior.
Growing demand for GLP-1 has transformed Ozempic maker Novo Nordisk and Eli Lilly, the producer of Zepbound, into the largest pharmaceutical companies by market capitalization in the world.
Morgan Stanley analysts predict the global GLP-1 market will reach $105 billion by 2030, up from a previous forecast of $77 billion. The investment bank also expects adoption of these drugs to reach about 31.5 million people in the United States, or about 9% of the country's population, by 2035.
Beyond that, analysts expect weight-loss drugs to help boost the fitness industry and remodel the food sector.
Walmart US CEO John Furner said the company was we are already seeing changes in consumer behavior which he attributes to drugs. He told Bloomberg in October that, compared to the general population, users are buying fewer things.
The two general directors of Novo Nordisk And Elie Lilly said they received calls from food industry executives for advice regarding the growing popularity of these treatments.
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Sources 2/ https://qz.com/ozempic-clothes-sales-1851544423 The mention sources can contact us to remove/changing this article |
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