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A $25 billion industry, VMS (vitamins, minerals, supplements) stores have benefitted from the recent economic cataclysm in a few ways. First, as part of what sociologist Richard Florida calls the Great Reset, some Americans are focusing more on their health. As they kick habits that are either bad or expensive (or both), they’re smoking less, buying less soda, and cutting back on calorie-laden treats at Starbucks and the convenience store. Vitamins and supplements are a key component of a healthier lifestyle. Second, as Americans lose health insurance and are confronted with the challenge of paying for prescriptions and medical treatment, many of them may be trading down to vitamins and supplements—using them as substitutes or alternatives. Both Wal-Mart and Walgreen’s have reported that sales of vitamins are strong.
VMS sales are also benefitting from one of the most powerful commercial forces in the history of planet Earth: the baby boomers. As they get older, the boomers—already a narcissistic bunch—are growing ever-more obsessed with their health and wellness. Just as they caused bubbles in marijuana in the 1960s and disco balls in the 1970s, baby boomers are now causing sales of vitamins to spike. (Whenever I visit the home of one older baby boomer I know, I look at the array of pills and ask whether he’s recently knocked over the GNC.) According to the Nutrition Business Journal, sales of supplements rose at a 4.9 percent annual rate between 2001 and 2008. “We believe that one of the primary trends driving the industry is consumption by the over-50 demographic, including Baby Boomers … who seek to improve their health and wellness and treat and prevent disease and illness,” Vitamin Shoppe notes in its prospectus.
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