The current economic crisis is changing consumer behavior on every level. Consumption is being replaced by sustainability, possessions with purpose, and perceived value with real value. Current indicators show the impact of these changes will not be temporary adjustments, but a total realignment of consumer behavior based on a reevaluation of priorities. Tighter financial budgets obviously play a role in this reprioritization.
Based on the current economic challenges, consumers’ health is being adversely affected. Consumers are reporting fewer healthy food purchases (31 percent), increased weight gain (22 percent) and decreased use of dietary supplements (16 percent). Will the economic crisis, in turn, create a health crisis? What, then, are the implications for the dietary supplement industry as dissonance grows for consumers wanting to maintain health through supplementation, and conversely, wanting to cut costs overall, including the cost of supplements?
Economic Impact
While the recent economic downturn is creating a financial crisis for most of the population, it is also contributing to an increase in health issues. In fact, those who indicate they have been significantly affected by the latest economic crisis are more likely to rate their health as fair to poor (39 percent), compared to those less affected (28 percent). Further, consumers are reporting increased amounts of stress, sleeplessness and fatigue specifically caused by the economic situation (Figure 1).
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| Figure 1 |