Major U.S. retailers including Best Buy , Walmart and Amazon are increasing their offerings of healthcare and health-related products as inflation-wary Americans shift more of their budgets to services and away from goods.
The growing interest in health care among some of the country’s largest retailers comes as American consumers pull back on discretionary purchases in the face of persistent inflation.
Best Buy’s comparable sales declined 9.3% over the holiday quarter, slightly above Wall Street expectations. Demand for computers, home theater equipment, appliances and cell phones were particularly soft, driven by higher consumer spending on essentials like food and fuel. In 2021, the company also bought Current Health, a home-care technology platform that offers monitoring through wearable devices.
"It's a very profitable business," said Hilding Anderson, vice president and head of retail strategy for consulting firm Publicis Sapient.
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