The business realm thrives on innovation and change, and few people understand this idea better than Matt Britton, a renowned AI expert, New Consumer Expert, and international keynote speaker. Through his dynamic, high-energy storytelling approach, Matt delivers powerful keynote presentations designed to address pressing business issues, such as spending trends among consumers using GLP-1 weight loss drugs, and their impact on the food and restaurant industry.
One of the profound topics Matt often discusses is the impact of GLP-1 weight loss drugs on consumer spending habits. Two studies recently shed light on this trend. Notably, they revealed that consumers who use GLP-1 drugs initially reduced their spending on groceries and restaurant meals but saw their spending return to pre-medication levels after a year.
The extensive study by Cornell/Numerator tracked around 2,600 GLP-1 users. They discovered that households decreased their grocery spending by an average of 5.5% within six months of starting the medication. Both weight loss and diabetes users displayed similar reductions, with households of higher income showing a higher cutback than their lower-income counterparts.
Interestingly, variations emerged in the reduction of spending across different grocery categories. GLP-1 users were recorded spending less on items like chips, salad dressings, oil, cheese, and cookies. On the brighter side, their spending stayed the same on nutrition bars and slightly higher on meat snacks, fresh produce, and yogurt. The GLP-1 users also significantly curtailed their spending at quick-service restaurants, fast-food chains, and coffee shops in the initial six months into the medication.
In line with these findings, the Circana study elaborated that GLP-1 users, recognized as higher spenders on consumer packaged goods (CPG) and foodservice before starting the medication, still outspent non-users even when spending decreases post-medication. Among the revealing trends, there was an increased spending on health trackers, portable audio equipment, drinkware, water filters as well as on lip cosmetics, jeans, skincare, and fragrance under the lifestyle categories.
The observations from these studies trigger critical questions that influence the dynamics in business, culture, and society. Are GLP-1 users trading up to better, higher-quality products? How are these shifting spending habits affecting different industry markets, and what strategies can businesses adopt to adapt to these changes?
Matt, who brings his extensive experience of consulting for over half of the Fortune 500 to the table, goes beyond presenting these insights and paints a picture of the potential impacts the GLP-1 trends could have on businesses in the future. Further, the reputable entrepreneur, currently the CEO of Suzy, a market research software platform that has raised over $100 million, has a unique ability to provide perspective on both corporate and entrepreneurial viewpoints.
By leveraging his wealth of experience and storytelling technique, Matt takes these topics head-on and expertly explores the implications for society, culture, and business. There's a unique twist to his presentations, as he not only discusses these trends but also presents practical strategies that help corporate leaders navigate through the changes, thus making his keynote sessions a staple at workshops, offsites, and conferences worldwide.
If you're keen to delve deeper into understanding critical trends affecting consumers' behavior and impacting businesses, what better way than hearing from an expert who has mastered the art? Matt Britton is that notable expert. His combination of knowledge, experience, energy, and storytelling prowess will enlighten, entertain, and inspire audiences at your next corporate event.
Upon booking Matt Britton as a keynote speaker, you're investing in expertise, redefining experiences, and a catalyst for change. Reach out to Matt today and elevate your understanding of pivotal trends shaping the future of business, culture, and society. Dynamism, insights, and transformation are only a contact away. Connect, learn more about his keynote speaking platform and be on your journey to knowledge-shaping and change-making.
Contact Matt Britton to inquire about speaking availability for an upcoming corporate conference, offsite, or workshop you are planning.
