Sam Permutt, Express Trade Capital
Despite uncertainty in several consumer product industries, the pet product industry is not only surviving, but growing. Indeed, many would say it’s flourishing as sales of specialized pet services (including groomers, trainers, and boarders) and healthy food (non-GMO, organic, paleo) are on the rise. Last year, the pet food industry (close to $30 billion) grew three times as fast as the packaged food industry – and that doesn’t even account for the toys, Halloween costumes, and GPS tags we buy for our pets.
Here’s a snapshot by numbers of the industry as it currently stands:
- The industry is now valued at $86 billion.
- Sales have continually increased year over year, even during the 2007-2009 recession years; average annual growth since 2002 has been 5.4%.
- 65% of all US households have a pet – up from 56% in the late 1980s.
- There are more than 24 million millennial pet owners, the largest pet-owning population in the country.
- Average household spending on pet products is $500 per year, more than spending on alcohol and men’s and boy’s clothing.
- Total spending on pet products is growing about 50 percent faster than the retail sector as a whole.
76% of owners consider their pets “beloved members of the family,” so it’s no surprise that they spare no expense when it comes to their furry friends.
Happy International Pet Day!
Check out Lenedu’s guide for helping pet owners prepare for costs involved with owning a pet. Click here...
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