Consumers aged 45 to 64 are the largest market for the pharmacy industry, and this group is expected to account for 45% of revenue in 2017-18. “With high disposable income, consumers in this segment are more likely to purchase front-of-store discretionary items such as cosmetics, fragrances and personal-care items,” according to a new report released by IBISWorld this week..
“Due to rising health consciousness within this age group, consumers in this segment are key consumers of vitamins and other health and wellbeing products. “This age group is also more likely to purchase anti-ageing and over-the-counter products, particularly those designed to slow the visible effects of ageing.”
An ageing population will lead to a boost in retail sales for the pharmacy industry, the report heralds.
Key success factors for the pharmacy industry according to IBISWorld include:
Source: ajp.com.au/news/adapting-to-survive/?utm_source=AJP+Daily&utm_campaign=c6afdb4d8d-EMAIL_CAMPAIGN_2018_03_28&utm_medium=email&utm_term=0_cce9c58212-c6afdb4d8d-109985429, viewed 29 March 2018