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Pumping Up Profits

1 Mins read

For the past two years, COVID-19 has dominated so many of our lives, as people, as consumers, and as business owners. But amidst all the tragedies caused by the coronavirus, some businesses have experienced an upside. According to The NPD Group, retail sales of “products in health and wellness categories continue to match peak growth rates.”

Marshal Cohen, chief retail industry advisor for NPD, says, “Comparisons to 2020 show that revenue growth of health and wellness categories slowed in 2021 [but now] retail sales revenue from those same categories, compared to 2019, have continued to grow by double-digits. This growth seems to indicate that health and wellness is an enduring pandemic trend, which could provide opportunities for continued consumer spending.”

NPD says consumers’ focus on health “encompasses the mind, body, and home, and is evident in the many industries exhibiting growth: from food and apparel to books and beauty.”

Top-selling products include air purifier filters, massaging appliances, free-weight equipment, and sound machines. According to NPD, sales revenue in each of these categories more than doubled in 2021 compared to 2019. And, they add, many categories related to cleaning, fitness, and food preparation, storage, and preservation continued to grow by double digits in 2021, as did books about home, gardening, crafts, hobbies, self-help, and cooking.

Cohen believes that as consumers start traveling and taking vacations again, health and wellness will likely continue to play a role in their lives. He adds, “Now it’s time for retailers and manufacturers to not only retain but also generate new consumer attention, in a retail landscape where competition for the shopper’s share of wallet will soon expand.”

Free weights stock photo by Teran Studios/Shutterstock

Talking Small Business Strategy

Many of you are still trying to recover from the pandemic-related challenges of the last two years. Partnering with Get App, my good friend Brian Moran has launched a short series—the GetApp Small Business Strategy Series. Brian will interview four top small business experts about business strategies.

I was honored to be Brian’s first guest. Watch us discuss how entrepreneurs can better plan their futures and illustrate how you can (and should) play the “What If” game, which will help you generate answers to some of your most challenging questions.

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