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 SWOT Analysis Chapter
IBISWorld expects that the Vitamin and Supplement Stores industry is in the growth phases of its life cycle. The industry's overall contribution to the economy, as measured by Industry Value Added is projected to grow at an annualised 3.0% over the ten years through 2019-20. This is expected to outperform the Australian economy as a whole, with GDP forecast to grow at an annualised 2.7% over the same period. The industry has grown on the back of increasing demand from health-conscious consumers who are willing to pay a higher price for industry products. While vitamins and supplements continue to be available in supermarkets and pharmacies, consumers have acknowledged the value added from being able to consult staff about a product before purchase... purchase to read more