Op4G Blog

Happy International Dog Day!

Posted by Op4G Staff on August 26, 2019

 

 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. 

 

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Topics: Consumer Research, Growth

Written by Op4G Staff