Industry Analysis & Industry Trends
The Vitamin and Supplement Stores industry has toughened up after weak performance in previous years. Over 2008-09 and 2009-10, consumer expenditure on vitamins and supplements was weak, 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 shop at specialist vitamin and supplement stores.
The industry has been further assisted by growing health consciousness. Employee product knowledge has been a key driver 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
Following the financial crisis, low consumer confidence and increased levels of savings hindered vitamin and supplement store operators. As a result, revenue performance was poor in both 2008-09 and 2009-10. Since 2010-11, industry performance has improved, aided by recovering economic conditions and the increasing health awareness of Australian consumers. Industry revenue has grown at a healthy rate of 4.1% annualised over the five years through 2014-15, to total $471.2 million. The popularity of sports and events such as the London Olympic Games in 2012 have further raised consumer awareness of health and wellbeing. In 2014-15, these favourable factors are expected to drive industry revenue growth of 3.9%... purchase to read more