Weight Loss Drugs Wegovy, Ozempic Gain Traction With Millennials, High Earners: New Survey Results

Prescription weight loss drugs Ozempic, Wegovy and Mounjaro have dominated headlines in 2023 with increased interest and the impact being discussed by food and drink companies.

Here's a look at the consumer segments that might be driving the enthusiasm and demand for these GLP-1 drugs.

What Happened: Pharmaceutical companies that are behind these weight loss drugs have witnessed their shares rise in 2023. As analysts and investors point to potential shifts in consumer behavior, food and beverage companies have seen stress on their stock values, anticipating reduced demand for their offerings.

Morning Consult’s recent survey reveals the consumer segments showing the greatest interest in weight loss medications such as Ozempic, Mounjaro, and Wegovy.

The survey found that 12% of adults are very interested in the weight loss drugs, with 16% saying they were somewhat interested in the drugs. Fourteen percent said they were not too interested in the weight loss drugs, and 48% said they were not interested at all in the drugs.

The survey indicates heightened interest among respondents who reported being well-informed about the weight loss drugs, likely a result of increased media exposure. Of those who said they had heard a lot, 34% said they were very interested and 21% said they were somewhat interested.

Related Link: Novo Nordisk Ups Outlook Amid Surging Demand For Weight Loss Drugs

The survey pinpointed three primary consumer groups that exhibit significant interest in the weight loss drugs:

Individuals with weight-related health issues:

• Very interested: 25%
• Somewhat interested: 26%
• Don’t Know: 5%
• Not too interested: 15%
• Not interested at all: 29%

Households with an income of $100K or more:

• Very interested: 22%
• Somewhat interested: 18%
• Don’t Know: 5%
• Not too interested: 14%
• Not interested at all: 41%

Millennials:

• Very interested: 17%
• Somewhat interested: 22%
• Don’t Know: 10%
• Not too interested: 15%
• Not interested at all: 37%

The results of the survey show that there still isn't majority interest in the weight loss drugs from the average consumer, with 28% saying they are interested in the drugs. Potentially more telling about the drugs’ long-term appeal is the 48% who stated they have no interest in them at all.

Several factors could account for this outcome, such as being early in the adoption cycle, insufficient information available to the public, concerns about potential side effects, and the high price of the medications.

Findings from the survey show that it is people who have heard a lot about the drugs, people with weigh-related health concerns, people in high income households and those belonging to the Millennial demographic show the most interest.

Why It's Important: Novo Nordisk NVO, the company behind Ozempic and Wegovy, has witnessed shares rising 77% over the last year.

Eli Lilly LLY, the company behind Mounjaro, saw shares are up 62% in the last year.

Conversely, food and beverage stocks are facing challenges, with the influence of weight loss drugs being a possible contributing factor. Shares of The Coca-Cola Company KO and PepsiCo PEP, recently saw shares drop over 5% in one of their worst performing weeks in years.

Retailer Walmart Inc WMT, who is a major seller of food and drink products, recently said that the company had witnessed a "slight pullback" in products from customers using weight loss drugs.

Walmart U.S. CEO John Furner noted it may be too early to make any definitive conclusions from the data, but the comments were not well received by investors in food and drink stocks.

Read Next: Are People Done Buying Chips And Soda? Stock Market Winners And Losers From Weight Loss Drugs

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