As inflation hits health care, Americans are ‘taking control’ of their well-being: The Vitamin Shoppe CEO
Sleep, mental health supplements selling fast due to ‘everything that’s going on with’ the economy, CEO says
The Vitamin Shoppe CEO: ‘No question’ inflation impacts Americans’ physical, mental health
As retailers continue to face price increases and supply chain issues, The Vitamin Shoppe CEO Sharon Leite discusses how Americans are prioritizing their well-being.
After a recent Gallup poll found 26% of Americans have delayed health care in the past six months due to rising medical costs and drug prices, The Vitamin Shoppe’s CEO expanded on how inflation can impact one’s health and well-being.
"There's no question that we have seen an issue in rising costs across our business," CEO Sharon Leite told FOX Business’ Maria Bartiromo Tuesday. "We've seen price increases as it relates to supply chain, still navigating through that, as well as the quality ingredients that we put into our products, keeping up with that as well."
On "Mornings with Maria," Leite argued consumers are "taking control" of their own health by investing in products that improve their definition of a healthy mind and body.
"With everything that's going on, and what you've talked about with the economy, just the importance of sleep and mental health," Leite explained. "We're seeing products selling along those lines."
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The CEO noted that, during the COVID-19 pandemic, consumers were focused on supporting immune health. Now, she said, there’s a market focused on building an active lifestyle.
The Vitamin Shoppe CEO Sharon Leite says consumers are "taking control" of their health care amid rising medical and drug costs on "Mornings with Maria" Tuesday, August 23, 2022. (Getty Images)
"What we're currently seeing is a real focus on people getting out and an active lifestyle. So you see a lot of improvement in the sports nutrition category, whereas with COVID, we saw that people were very focused on immune health," Leite said.
"That has kind of gone away a little bit," she continued, "and we're seeing more folks getting out there involved in sports nutrition."
Founded in 1977, The Vitamin Shoppe’s CEO assured that inflation hasn’t impacted the company’s ability to provide "the best quality ingredients and expertise" in the health space.
In an upcoming partnership with higher education group Follett, The Vitamin Shoppe looks to bring health and wellness solutions to a younger demographic.
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"The Vitamin Shoppe consumer has historically skewed a little older, and as the pandemic brought health to kind of the central focus of consumers, we're able to reach a new consumer," Leite noted.
"As we all know, sometimes college students don't take their health too seriously as they go off to campus life," the CEO added. "And we have a great opportunity to bring products to this particular consumer as they focus on their college years."