Pets probably thought they hit the jackpot when the pandemic hit. The hours pets spent alone while owners were away at work or school were now filled with activity having their humans home during the day. It also seemed that many people I know adopted a furry friend during the pandemic. With the countless hours pets spend at our side, it’s not surprising that we spoil them like we would a child. As pet ownership increases, what trends will we be seeing in the future for the pet and pet supplies industry?
According to Dun & Bradstreet (D&B), the humanization of our pets means increased spending on pet products and services. In fact, D&B states that Americans spend more on pet supplies than we do on toys or video games! Luxury products and services such as pet photography and gourmet food have also seen an uptick in growth that is expected to continue, as is pet grooming services.
Demand for home-cooked and raw food diets is another trend D&B mentions. Specialty foods that require refrigeration, freezing, or preparation by the owner are becoming more popular as pet owners take a more proactive approach to their pets’ health and wellness. Pet insurance is another aspect of pet wellness that is gaining more traction.
Further trends and opportunities include an increase in demand for pet services, including daycare, boarding, and walking services (i.e. Rover) as well as pet waste clean-up services. Perhaps, the best trend yet is the crackdown we’re seeing of boutique pet stores selling designer pets. Often obtained through puppy mills and other irresponsible breeding, these animals tend to be susceptible to sickness and disease. Seeing the backlash that some boutique pet stores receive is promising in that people are beginning to realize the issues with designer pet health and safety.
Are these trends something you see in the way you take care of your own pet? Spoiling them seems like the least we can do in return for their unconditional love!
Source: Dun & Bradstreet, First Research