The healthcare trend reshaping consumer markets

• GLP-1s are evolving from a pharmaceutical growth story into a broader consumer story. The rise of prescription weight-loss drugs is coinciding with a widening divergence in apparel search behaviour, promotional activity and sold-out rates across size groups and genders. 
• Search and pricing data suggests demand is shifting across apparel categories as consumer preferences and purchasing behaviour evolve, and GLP-1 usage rates alongside company commentary may help to explain emerging trends. 

That growth trajectory is spurring positive analyst signals, according to LSEG data. Eli Lilly scores 94 out of 100 on the StarMine Analyst Revisions Model, placing it in the top decile and reflecting positive changes in sell-side analyst estimates. Buy-side institutional sentiment is also favourable: Lilly has a StarMine Smart Holdings score of 79, implying relatively constructive positioning among institutional investors.

With the magnitude of the growth from companies like Eli Lilly, industries well beyond healthcare are paying attention. As GLP-1 adoption has expanded, its potential effects are increasingly being examined across the broader consumer economy. Apparel is one area where those effects may be starting to emerge, where changing body sizes can affect search behaviour, product demand, markdowns and wardrobe replacement. 

While GLP-1 adoption has accelerated, consumer interest in plus-size apparel has shifted as well. In collaboration with Centric Market Intelligence, LSEG found that online search interest across several plus-size apparel categories has declined. Searches for plus-size dresses are down 5% from a year ago and 19% from two years ago. Non-plus-size apparel, on the other hand, has experienced an increase in online search interest across several categories.

While the data does not explicitly establish GLP-1 use as the cause, the shift coincides with a period of rapidly increasing GLP-1 adoption and warrants a closer look at whether similar patterns are emerging in apparel pricing and promotions.

One of the clearest signs of changing apparel demand is emerging in pricing data. Centric Market Intelligence pricing data shows that retailers are relying more heavily on promotions in women's plus-size apparel. Discount penetration, defined as the share of merchandise offered on sale, increased from 38% in 2023 to 49% in 2026 year-to-date. Core women's apparel, by contrast, has remained below the long-term industry average. The widening gap suggests retailers are working harder to stimulate demand in plus-size categories, even as consumer preferences and shopping patterns evolve.

The picture looks different in men's apparel. While discounting has increased for Big & Tall merchandise, promotional activity has risen even more sharply in core men's apparel. Big & Tall discount penetration increased from 22% in 2023 to 30% in 2026 year-to-date, but core men's apparel jumped to 40% in 2026 year-to-date, moving above the long-term apparel average. Rather than a uniform shift across all size categories, the data points to distinct demand dynamics emerging within different consumer groups. 

A possible explanation lies in the differing rates of GLP-1 adoption among men and women: according to Ipsos, 16% of women report having used a GLP-1 medication, compared with 9% of men. 

Online search interest has declined across several plus-size categories, while interest in certain non-plus categories, including skirts, dresses and swimsuits, has strengthened. At the same time, women's plus-size apparel has become increasingly promotional, with a greater share of merchandise offered on sale. Yet demand remains resilient: plus-size activewear continues to post relatively strong sold-out rates, suggesting that promotions, alongside growing consumer interest in fitness, weight loss and healthier lifestyles, may be helping support sell-through.

While the apparel data does not establish a direct causal link, the contrast is notable, and it is backed by commentary from retailers suggesting that GLP-1s are beginning to influence consumer behaviour beyond healthcare. LSEG Workspace earnings call transcripts and summaries suggest that management teams are increasingly discussing changes in sizing, shopping patterns and product demand, with one apparel retailer describing GLP-1 adoption as a structural shift in its customer base.

As GLP-1 use continues to grow, retailers may be getting an early indication of how a healthcare trend can ripple through the broader consumer economy, influencing demand patterns, pricing strategies and the way apparel assortments are planned across different customer segments. While the long-term effects remain uncertain, the data suggests that GLP-1s may become a key consumer behaviour trend to watch in the years ahead.

From apparel to grocery, pharmacy and dining, companies across the consumer landscape say GLP-1 medications are already shaping how – and what – consumers shop, eat and wear.