Industry Analysis & Industry Trends
The Vitamin and Supplement Stores industry has toughened up after a lacklustre performance during the global financial crisis. Over this period, consumer expenditure on vitamins and supplements fell, amid low sentiment and increased levels of savings. Consumers seeking vitamins and supplements shifted to cheaper, low value added varieties sold through supermarkets, grocery stores and pharmacies. However, as the economy picked up, consumers returned to specialist vitamin and supplement stores.
The industry has been further assisted by recovering consumer confidence and growing health consciousness. Employee product knowledge has been a key area of industry growth, with customers willing to pay extra for advice on healthy eating and suitable dietary supplements... purchase to read more
Industry Report - Industry Analysis Chapter
During the post-financial crisis period, low confidence and increased savings hindered vitamin and supplement store operators. As a result, revenue was poor in both 2008-09 and 2009-10. Since 2010-11, the industry has been on an upswing, aided up recovering economic conditions and the increasing health awareness of Australian consumers. Industry revenue has grown at the healthy rate of 4.1% annualised over the five years through 2014-15, to total $471.2 million. The popularity of sports and fitness and events such as the London Olympic Games have further raised awareness concerning health and wellbeing. In 2014-15, these favourable factors are expected to drive industry revenue growth of 3.9%.
In the years of the financial crisis, industry revenue was weak... purchase to read more