NEWS + TRENDS
The American Pet Products Association (APPA) announced the total U.S. pet industry expenditures reached $147 billion in 2023 and is forecasted to have solid year-over-year growth through 2030. The announcement came during Global Pet Expo co-produced by APPA and the Pet Industry Distributors Association (PIDA). The expenditures were released in conjunction with the launch of the association's first of four quarterly reports, APPA's State of the Industry: Strategic Insights from the National Pet Owners Survey 2024. APPA's pet industry expenditures encompass spending in four major categories: Pet Food & Treats; Supplies, Live Animals & OTC (over the counter) Medicine; Vet Care & Product Sales; and Other Services. The breakdown of actual sales within the U.S. market in 2023 are as follows: Read Full Article Here
As argued in Packaged Facts’ just-released US Pet Market Outlook, 1-888-746-5107, the pet industry is at an inflection point due to macroeconomic and industry-specific factors, such that providing value to pet parents has come to the fore as a competitive strategy. “The promise of money savings and added value is possibly the oldest promotional maneuver,” noted report analyst David Lummis. “But with the economic trauma of the pandemic and its aftermaths still rippling through, there may be no better time to focus on value to attract shoppers and engender customer loyalty.” The National Retail Federation predicts slower consumer spending growth in 2024 due to tighter credit conditions, higher borrowing costs, a cooling labor market and political uncertainty. While gas prices are down and inflation has been moderating, it now seems likely that inflation won’t further normalize until the calendar reads 2025. Last but certainly not least, in an industry for which dog spending accounts for two-thirds of sales, dog population growth is flat at best. Read Full Article Here
Rover has released its annual Top Pet Names report, offering a fascinating insight into how pet parents chose to name their cats and dogs this year. “Rover’s database of millions of user-submitted pet names reveals how names we lovingly choose for our pets reflect our passions and lifestyles, and often serve as a time capsule for the moment we welcomed them into our families.” Read Full Article Here
2024 PET OWNER TRENDS
Regularly buy their pets birthday and holiday gifts
Likely to live on a tighter budget to afford their dog’s expenses
Likely to break up with a significant other who doesn’t like their dog
Likely to leave a job they like because another company lets them work from home or has a dog-friendly office
36% of dog owners reported that they would spend $4,000 or more out-of-pocket on life-saving medical care for their dogs
TOP 10 DOG OWNERSHIP STATES
