Is Ozempic causing people to buy less food? Walmart CEO says yes
Hindustan TimesIn a recent interview with Bloomberg, Walmart U.S. CEO John Furner revealed that the retail giant has noticed a subtle shift in the purchasing habits of individuals using weight loss drugs such as Ozempic, as opposed to those who aren't. Surging demand for diabetes and weight loss drugs Ozempic and Wegovy has propelled Danish pharma group Novo Nordisk to the top spot as Europe's most valuable company, giving Denmark's economy a major makeover. Walmart has been closely monitoring sales patterns, analyzing anonymized shopper data to compare the buying behaviour of people using appetite-suppressing medications like Ozempic to those who aren’t. Despite these changes, Walmart CEO Doug McMillon remains optimistic about certain product categories, stating, “We still expect food, consumables, and health and wellness primarily due to the popularity of some GLP-1 drugs to grow as a percent of total in the back half.” Other industry leaders, including Kellanova CEO Steve Cahillane, are closely examining the potential impact of these drugs on dietary behaviors.