Growth and Challenges
Despite the effects of inflation, labor shortages and consolidation of retail locations, 2022 sales at US “health and personal care stores” (NAICS 446) increased 3.2% YOY to $399.37 billion and 7.7% during Q1 2023 to $103.05 billion, according to the US Census Bureau.
In the sub-category of “pharmacies and drug stores” (NAICS 44611), which accounts for most sales in the overall category, 2022 sales increased 2.5% YOY to $332.63 billion and Q1 2023 sales ($85.59 billion) increased 6.3% YOY.
Another challenge is a forecasted increase in consumers’ health & personal care via e-commerce from 11.3% for 2023 to 13.3% by 2027 while the top three categories, apparel, furniture and consumer electronics’ shares will decrease during that period.
