by Kyle Lentz, category analyst, part of Monthly Retailer Category Tips
Try specific strategies to attract the different demographic groups shopping for vitamins & dietary supplements.
According to L.E.K. Consulting, baby boomers are the most frequent users of vitamins & dietary supplements (VDS), with 50% indicating they take at least one supplement a day. L.E.K.’s report also states that Millennials have the highest average annual monthly VDS spend ($70 per month), according to their recent survey. Younger generations have also had the fastest-growing weekly median earnings compared to older cohorts (ages 45+) from 2016 to 2022, demonstrating their increasing purchasing power and making them an attractive target VDS consumer.1
There are two takeaways from this information. First, these are two strong segments to target to increase your VDS sales and each will require different strategies. Second, if you don’t have a large base of Millenials as customers, it is worth an investment of time and energy to attract these shoppers to your store.
To address your more mature demographic of VDS shoppers, consider the following options.
- Check your POS sales reports to determine which VDS products are currently popular among your customers.
- Cross-reference the most popular regimen prescriptions taken by your customers to determine if there are missed opportunities. Are there supplements that aren’t selling as well but could address side effects of popular prescriptions? Are there additional supplements that could help the wellbeing of these patients that you can bring to their attention?
- Host a coffee hour to answer questions, make recommendations, and educate this group about the various vitamin and supplements you carry in store or can order for next day delivery.
To capitalize on or attract the younger generation of VDS shoppers, try to engage them on social
platforms to understand their buying habits and preferred product types. Facebook polls may be an option to use to get to this information, but if you don’t have a base of Millenial customers already following your Facebook page, you may have to get creative. Consider hosting an open house or offering educational seminars with other local healthcare professionals or facilities, or other wellness businesses, such as yoga studios or gyms. Partnering allows you access to the partnering business’s customers and makes promotion costs more manageable.
For both demographic groups, a loyalty/reward program is a good idea to keep customers coming back to your store for their ongoing VDS purchases. If you have the resources available, set up a subscription program for VDS purchases since, in most cases, these are ongoing, repeatable sales.
- Vitamins Minerals Supplements Market Trends in 2023, L.E.K. Consulting, Alex Evans, Geoff McQueen, Anna Ondik, February 24, 2023