Pet Market Survey Shows
Chadd Coltrain • June 7, 2024
Pet Market Survey Shows a Focus on Value Will Attract Shoppers, Engender Customer Loyalty
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.
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
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
Welcoming a new puppy into your life is exciting. There’s nothing quite like puppy breath, puppy snuggles—and that cute little hopping thing puppies do when they’re excited. It also means taking on the responsibility of new puppy training. Whether this new family member is your first puppy or your 10th, knowing the top mistakes to avoid with a new puppy is a smart move. We talked to two professional dog trainers to help you find success with your new best friend from day one. 10 Mistakes to Avoid with a New Puppy Read Full Article Here
