“Why should you care? Because their spending on fast food drops about 85%, snacks by 80%, soda 70%, and alcohol spending is down about 65 to 70%.”
Anton Pil
Global Head of Alternatives
JPMorgan Chase & Co.
.…on the potential widespread impact of weight-loss drugs like Ozempic on consumer spending patterns via D CEO.
During a recent on-stage conversation with retail real estate guru Herb Weitzman at the George W. Bush Presidential Center, Anton Pil shed light on the intersection of consumer spending patterns and healthcare trends.
“GLP-1 drugs, medications like Ozempic and other weight-loss drugs that are actually diabetes drugs, provide me with retail insights,” said Pil, according to a takeaway featured in D CEO. “We can look through Chase’s anonymized data by individual—we bank more than 95 million individuals in this country—and I can identify people who are on Ozempic based on their spending patterns.”
That can change people’s buying patterns, he says. Pil’s insight is particularly relevant for sectors like alcohol, fast food, and snacks, which may need to adapt to these changing consumer preferences.
So what might these people spend their money on instead?
“I think you’re going to see gym memberships increase, beauty and a lot of spa and massage services and clothing sales will grow,” he said.
But in terms of one mega trend, Pil sees the transformative potential of AI in various industries, including legal and entertainment. “…Lawyers, you should watch out, because anything to do with language is going to fundamentally change,” he said.
Weitzman and Pil also discussed trends in the economy, home ownership, and more, along with the release of a retail real estate survey and a forecast for the sector.
For other highlights of the conversation, read more at D CEO.
For more of who said what about all things North Texas, check out Every Last Word.
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