Telsey issued an analysis that explores how increasing use of GLP-1 class medications is affecting consumer behavior and retail category dynamics. The report notes that these drugs - approved for diabetes treatment in 2005 and more recently leveraged for weight management - are driving visible changes in purchase patterns across apparel, beauty, fitness and pharmaceutical aisles.
GLP-1 medications referenced in the analysis include semaglutide, marketed in diabetes formulations as Ozempic and Rybelsus and as Wegovy for obesity, and tirzepatide, sold as Mounjaro for diabetes and Zepbound for obesity. The report reiterates the established mechanisms of these therapies: increasing insulin secretion, lowering blood glucose, slowing gastric emptying and decreasing appetite.
Companies surveyed and covered by Telsey have reported concrete shifts in consumer activity that appear tied to GLP-1 usage. Examples cited in the report include consumers purchasing new wardrobes, spending on skincare and beauty products to manage side effects, changes in exercise routines, and modified eating behaviors. The report also highlights that major retailers have observed effects in their pharmaceutical businesses - with specific mention of pharmacy sales among well-known chains.
Telsey presents usage trends showing rapid expansion of GLP-1 prescriptions between 2019 and 2024. Usage among all adults rose 364% over that period, while adults aged 18-39 saw a 588% increase. Meanwhile, Medicaid prescriptions grew by more than 546% between 2019 and 2024, according to the report's data points.
The analysis raises the question of which companies have the greatest exposure to rising GLP-1 prescriptions, noting that some retailers already report measurable impacts on sales in affected categories. The report also references survey data indicating growing recent use: a July 2026 Axios survey cited in the report found 26% of respondents had either used GLP-1s themselves or knew someone who had in the prior three months, up from 4% in 2023.
Telsey further addresses how the market could be reshaped by oral formulations. The report notes that two oral versions of GLP-1 medications received regulatory milestones: the Wegovy pill launched in January 2026, and Foundayo obtained approval on April 1, 2026. These developments are presented as factors that could alter competitive dynamics, according to the analysis.
The report also summarizes reasons individuals give for declining GLP-1 therapy: 48% prefer to manage weight with diet and exercise, 39% cite concerns about side effects, 20% worry about permanent weight loss, and 15% find the medications too expensive. Telsey frames these attitudes as relevant to uptake and downstream consumer behavior.
Context and takeaway - Telsey's report links rapid growth in GLP-1 use to observable shifts in spending across multiple retail categories, while noting variability in adoption and several factors that may limit or slow usage. Retailers with exposure to apparel, beauty, fitness-related products and pharmacy operations are among those highlighted as being affected.