Walmart has reported that customers purchasing weight loss drugs such as Wegovy at its pharmacies are buying slightly less food in its stores.
According to John Furner, Walmart’s US CEO, individuals taking GLP-1 agonist appetite suppressant medications, which include semaglutide (Ozempic and Wegovy), as well as Mounjaro and Victoza, are showing signs of reduced food purchases, including “less units and slightly fewer calories.”
Walmart is conducting a comparative analysis, examining the spending patterns of customers who pick up prescriptions for these medications at its pharmacies against those who are similar but do not fill these prescriptions at Walmart. The analysis uses anonymized data to identify trends, and it suggests that the group receiving weight loss medications is consuming less food.
Walmart’s CEO, Doug McMillon, noted in August that the increasing popularity of these drugs had a positive impact on the company’s sales. According to Trilliant Health, prescriptions for such medications surged fourfold between late 2020 and 2022, with 9 million prescriptions filled in the final quarter of the previous year.
Previously, Walmart experienced stronger grocery sales during a period of high inflation when wealthier shoppers turned to its stores. In the summer of 2022, when inflation reached 9.1%, the company observed an increase in customers from higher income brackets choosing Walmart for its competitive prices over expensive grocery stores.
You can also read: Two U.S. Army Soldiers Killed in Tragic Accident in Alaska
McMillon stated in a company earnings release during that period, “We’re pleased to see more customers choosing Walmart during this inflationary period, and we’re working hard to support them as they prioritize their spending.”