According to recent consumer research data on over 700 pet owners and a comprehensive analysis of Vericast's "2023 Annual Retail Trends Observation", American consumers still hold a positive attitude towards pet category spending in the face of inflation concerns:
Data shows that 76% of pet owners view their pets as their own children, especially millennials (82%), followed by Generation X (75%), Generation Z (70%), and Baby Boomers (67%).
Consumers generally believe that the spending budget for pet categories will increase, especially in terms of pet health, but they also hope to save money as much as possible. About 37% of surveyed consumers are searching for discounts on pet purchases, and 28% are participating in consumer loyalty programs.
About 78% of respondents stated that in terms of pet food and snack expenses, they are willing to invest more budget in 2023, which indirectly indicates that some consumers may be interested in higher quality products.
38% of consumers said they are willing to spend more on health products such as vitamins and supplements, and 38% of respondents also said they will spend more on pet hygiene products.
In addition, 32% of consumers shop at major pet brand stores, while 20% prefer to purchase pet related products through e-commerce channels. Only 13% of consumers expressed their willingness to shop at local pet boutiques.
About 80% of pet owners will use special gifts or methods to commemorate their pets' birthdays and related holidays.
Among remote workers, 74% plan to invest more budget to purchase pet toys or participate in pet activities.
As year-end holidays approach, retailers need to evaluate how to convey commercial value to pet owners, "commented Taylor Coogan, an expert in the Vericast pet industry
According to the latest pet spending data from the American Pet Products Association, although the impact of economic uncertainty persists, people's desire to consume remains high. The sales of pet products in 2022 were $136.8 billion, an increase of nearly 11% compared to 2021. Among them, the expenditure on pet food and snacks is approximately $58 billion, which is at the high level of expenditure category and also a significant growth category, with a growth rate of 16%.
Post time: Oct-12-2023
