Wall Street eyes stock in athleisure brands and energy-drink makers as big winners in the Ozempic craze

• The rise of GLP-1 drugs like Ozempic, Wegovy, and Mounjaro is going to have a big impact on consumer spending habits.
• Stifel conducted a survey of consumers and highlighted the potential winners as more people lose weight from the drugs.
• Athleisure brands like Lululemon could see a jump in demand, as could energy drink makers.

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The continued rise of GLP-1 drugs like Ozempic, Wegovy, and Mounjaro is going to have a big impact on consumer spending habits as more people lose weight, according to findings from a new survey.

That could mean consumers spending less money on food and more money on athleisure brands to update their wardrobes. That's because GLP-1 drugs can help overweight and diabetes patients lose upwards of 20% of their body weight over the course of a year as appetites change.

Analysts at Stifel conducted a survey of consumers last month, and 15% of respondents said they were currently taking a GLP-1 drug. An additional 21% said they're interested in taking GLP-1 drugs.

Some of the takeaways from the survey were obvious, with Stifel estimating a 4% reduction in calories consumed by consumers, assuming 16% of the US population starts taking the drug.

But some of the survey results were less obvious, as they identified exactly where GLP-1 users might start spending their money.

"Our survey shows respondents who use a GLP-1 drug are 72% more likely to consume an energy drink at least once per month compared to the general population. We think this reflects the need for caffeine as the loss of appetite caused by the GLP-1 reduces consumption of calories that are converted to energy," Stifel said.

The firm said that 86% of respondents who are using a GLP-1 drug reported purchasing an energy drink at least once, compared to just 50% for the overall population. Stifel estimates that US energy drink consumption could increase by about 2% if more people start to take the GLP-1 drugs.

That's good news for energy drink makers like Monster Beverage and Celsius Holdings, Stifel said.

Other stock beneficiaries of the GLP-1 drug craze are athleisure brands, as people who lose weight get more active and update their wardrobe. 

"Simplistically, consumers who lose significant amounts of weight are going to want/need new clothes," Stifel said. "In the first year of weight loss, motivated by both changing sizes and increased confidence inspiring wardrobe upgrades, we believe this population could increase apparel spending by 2x or more."

The change in apparel spending habits among GLP-1 consumers should result in more spending towards athleisure brands, running shoes, and hiking boots, according to Stifel.

"Exercise reportedly enhances the efficacy of GLP-1 solutions suggesting a portion of the population invested in GLP-1 participation will likely increase activity. We believe those who have lost weight could be encouraged to dress the part of the active lifestyle consumer creating demand for active apparel and athletic footwear," Stifel said.

That should bode well for Lululemon, Dick's Sporting Goods, On Holding, and Skechers, according to the note.