The Post-Ozempic Economy? 2 Industries Bracing for a Slimmer, Less Hungry America

Investors are hyper-focused on what artificial intelligence (AI) will do to the economy. But what if the bigger disruptors -- at least for consumers -- are the revolutionary weight-loss drugs? Revenue for these GLP-1 drugs is actually higher than that of the AI labs at OpenAI and Anthropic, with stocks such as Eli Lilly soaring as a result.

Appetite suppression and lowered obesity rates for tens of millions of Americans could mean huge changes for consumer sectors, leading to various opportunities (and potential land mines) in the stock market. Here are two industries bracing for a slimmer America, and what it could mean for your stock portfolio.

Less calories, fewer dollars spent at restaurants

The direct hit from weight-loss drugs will most likely be felt by restaurants. The drugs work by suppressing appetite and cravings, leading to reduced caloric intake and, therefore, weight loss. While you can get cheaper versions of these drugs for just $150 a month through Hims & Hers now, they may also be shifting budgets that were previously spent on dining out as well.

Restaurants are currently going through a rough period in the U.S., and some theorize that this is due to the growing use of weight-loss drugs. For example, Chipotle Mexican Grill (NYSE: CMG) has posted flat or negative same-store sales growth for the last four quarters, after years of market-beating performance. You can see this type of data across the sector: Sales are down while inflation rages for salaries, food, and other input costs.

The companies are trying to get creative in fighting this new trend. For example, Chipotle recently launched a new high-protein meal with lower-calorie items, including a protein bowl.

This may help relieve traffic woes, but the weight-loss drug impact is just getting started. Growth in usage is set to soar with new oral pills and more effective drugs such as retatrutide, in the pipeline for Eli Lilly.

So it's no surprise that Chipotle's stock is down 50% from its highs. Many other restaurant stocks are suffering as well. If these chains can pivot to lighter, higher-protein meals, demand may bounce back in the years ahead. But if Americans start consuming vastly fewer calories per year because of weight-loss drugs, then this could be a permanent reset for the entire sector.

Image source: Getty Images.

More energy for exercise

On the other side of the coin is fitness. If people are losing weight, they generally will have more energy to exercise. This could be a boon to fitness revenue in the years ahead.

We are already seeing this happen with Planet Fitness (NYSE: PLNT). The gym operator has seen its revenue grow by 171% cumulatively in the last five years, with impressive performance in recent quarters. Full-year same-club sales (equivalent to same-store sales for restaurants) were up 6.7% in 2025, with 1.1 million new members joining the gym chain in the calendar year.

This is the type of tailwind that could materialize for the entire fitness category for the rest of the decade. Planet Fitness has a global footprint of 2,900 locations and should have plenty of room to keep growing. In 2026, the company is guiding for 180 to 190 new club locations to open, with same-club sales up by 4% to 5%.

The exercise chain's stock is up 381% in the last 10 years, but it is actually down over the last five, at a time when revenue has soared by close to 200%. Right now, shares are trading at a price-to-earnings ratio (P/E) of 28.5. That may look expensive on the surface, but with only $220 million in net earnings over the last 12 months, there is plenty of room to take market share in the gym sector and ride the overall tailwind of spending on fitness in the United States.

Weight-loss drugs are changing the game for the entire consumer economy. Out is lethargy and overspending on fast food. What's in is portion control and spending money on fitness. Align your portfolio accordingly.

Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chipotle Mexican Grill and Planet Fitness. The Motley Fool recommends the following options: short March 2026 $42.50 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy.