This article summarizes spending on pets in 2017, which reached almost 50 billion dollars, by looking at various segments such as age, occupation, race, and more. For example, homeowners make up 80.3% of pet spending when compared to renters, those who lease apartments, etc. This comes from Millennials being more likely to own homes in 2017. Income is the most important factor that predicts spending on pets. These facts are not surprising. It makes sense that those with comfortable living situations and financial stability are more likely to spend their disposable income on pets.
The topic of this article is the Millennial consumer and what their spending preferences are like in terms of pets. One the key findings is that Millennial’s are waiting to have children and instead adopting pets on which they spend their discretionary income. This is good news for pet supplies businesses who will certainly profit off of the Millennial generation’s interest in a wide range of products. Social media is also important to Millennial’s who are prompt to share and post about their pet products, which businesses can use to their advantage as well. Overall, businesses are eager to understand the Millennial so that they may tailor their products to this unique generation.
This article references the same source as the first and is similar in that it looks at spending on pets in 2017. The difference is that this article focuses on pet supplies, which excludes pet food. According to the article, spending on pet supplies increased in 2017 17.3% from 2016. There is also a note that pet food spending increased as well. This is unique because usually, when spending in one of those categories increases, the other decrease.
Humanization of pets is a growing trend, which means consumers are paying closer attention to what they are feeding their furry companions. This article considers the changes pet owners are making to their animals’ diets, such as an increase in raw and natural foods. This has lead to an increase in human-grade dog and cat food. Pet companies are receiving more and more pressure to adopt these changes to their own food products. While the article doesn’t mention the effect this has on pet food prices, it could be expected that we may see a rise.
Champion Petfood is under scrutiny after large amounts of unsafe metals such as cadmium were found in their dog food. This article provides Champion’s defense that the metal found their pet food is naturally occurring and should not be considered unsafe. Ultimately, the judge found that the allegations against Champion were not grounded and the pet food company was able to avoid any kind of prosecution.
1. Millennials are bringing big changes to the pet industry including how pets are viewed
2. Consumer spending in the pet industry is increasing on all accounts
3. Humanization of pets is leading to greater pressure for companies to create higher quality products