Recent Vericast research shows that when it comes to owning a pet, consumers love them as much as a child, have dedicated social media accounts specifically for them, use them for special privileges and they plan to spend more money on their support this year despite the rising cost of inflation.
According to the survey, pet owners plan to increase spending on food, candy, supplements and hygiene products, as well as birthday and holiday giftss.
Consumers are faced with the conflicting desire to save money while disposable income is low and, at the same time, splurge on purchases for their pets, whom they consider to be members of the family.
“Amid cautious spending behaviors, there is still a strong appetite to spend on petssaid Taylor Coogan, pet industry expert and client strategist for Vericast.
“However, external factors such as the end of the student loan repayment pause, a changing job market, and other factors may influence how a consumer thinks about spending on pets later this year. With the holiday season approaching, now is an opportune time for brands evaluate how they will communicate the value they provide to pet owners“.
Relevant data from the survey:
· 76% of pet owners they see their pet as their child. Millennials felt this way the most at 82%, followed by Gen X (75%), Gen Z (70%) and baby boomers (67%).
· Approximately 80% of pet owners commemorate birthdays and holidays pets with a treat or a special treat.
41% of respondents refer to their pet as a support/service animal to get some kind of special privilege.
· More than 62% of respondents consider quality time with pets as important (47%) as time with a partner or even more important (15%) than time with a partner.
· 32% of pet owners indicate that they have a social media account dedication of some kind to your little animal.
· About 62% of pet owners surveyed say they they are spending more to keep their pets occupied.
Of those who work fully remotely, 74% plan to spend more on toys and activities to keep pets occupied during the day.
About 37% of consumers surveyed looking for discounts for pet expenses this year, and 28% are using loyalty programs.
· 20% of consumers preferred to buy pets in the electronic commercewhile only 13% of consumers said they are willing to shop at local boutique pet stores.
According to the latest pet spending data from the American Pet Products Association, spending remains strong as economic uncertainty persists.
Pet spending in 2022 was $136.8 billion in total industry salesa nearly 11% increase over 2021. About $58 billion was spent on pet food and treats, which was the top-spending category and the category with the largest increase at 16%.
For more details of the survey and its methodology, enter here.
Keep reading:
Most Americans Wouldn’t Leave Their Homes To Escape A Disaster If They Couldn’t Bring Their Pets: Survey
· Inflation: US Humane Society launches campaign to address poverty that is affecting pets
Petco opens comprehensive health and wellness center for pets in New York
