Happy International Dog Day! Americans love their pets, from Sparky the dog to Slimey the snake. Want proof? Look no further than US spending habits! A report[i] from the American Pet Products Association reveals that Americans shelled out serious cash for their critters in 2017.
Much of this spending was on necessities. For example, Americans spent $30 billion on pet food, $17 billion on vet care, and $15 billion on supplies/medicine[ii]. But some spending was a bit more…frivolous. We’re talking pet hotels, dog fitness trackers, premium pet food, and concierge services[iii]. Not to mention the $5 billion Americans spent on holiday gifts for pets! [iv]
If you add it all up, Americans spent an astounding $69 billion on the pet industry in 2017 (up from $48 billion in 2010 and $17 billion in 1994[v]). In the words of one analyst, “that's a lot of dog bones and kitty litter”[vi].
Amazingly, this number is expected to rise further in the next few years. Consumer behaviour experts offer several potential reasons[vii]. The pet population—and volume of pet products—continue to grow. The status of pets is improving, with more being viewed as “equal members of the family”[viii]. And owners increasingly reward pets for providing much-needed emotional connection and stress release.
Changing demographics are also at play. Millennials, now the largest segment of pet owners, are investing more money in pets than other cohorts[ix]. Plus, baby boomers are pampering pets in lieu of grown children[x].
Whatever the reason, research firms believe the pet industry may reach $96 billion by 2020[xi]! Does your company want a piece of that market? The first step is understanding the consumers – the 85 million families in the US with a pet[xii].
The Op4G panel is replete with such consumers. In fact, 64% of Op4G members have a pet. This allows us to provide targeted market research to a wide range of pet product/service companies. So contact Op4G today!
You just might love our work as much as…well, your furry friend.
