In the last few years, pet care spending has increased significantly. Reasons? There could be many factors contributing to this trend, but the major among them is that pets are a growing and important part of our lives.
Factors such as growing disposable income, pet humanization especially post COVID-19, and a surge in the number of animal welfare organizations supporting animal rights can be attributed to the increased spending on pet care products.
In this article, I’ll try to explore the top reasons why pet parents are willing to spend more on pet care products.
Medication Sales Are Growing
With the growing awareness among pet owners about the importance of medicines, there is an all-time surge in pet medication sales. This might also be due to pet owners’ willingness to keep their pets in the best possible shape by preventing any disease through medicine.
Pet medication sales are also growing at an unprecedented rate—and it’s not just because of the aging population or the rise of disposable income among Millennials. The most obvious reason for this increase is that people are simply buying more medications for their animals. Along with this, many veterinarians now recommend that all dogs be on heartworm prevention year-round in some parts of the country, resulting in a rise in demand for these products as well.
Moreover, bacterial and skin infections are common problems in both dogs and cats. Pet owners are using Cephalexin for dogs and cats to treat these infections effectively.
Millennials Are Passionate About Pets
You’re a pet parent. You love your four-legged friend and want the best for them, so you spend money on their health and well-being. But have you noticed how much more millennials are spending on pet care products?
Millennials are deeply passionate about owning pets. More than any other generation, they are more likely to own pets, be interested in adopting an animal, and consider themselves a “cat parent” or “dog parent.”
And why not? Millennials grew up in the technology age, which means it’s no wonder they are leveraging today’s innovations, such as live streaming feeds from cameras placed throughout their house so they can check their pets even from their workplace. GPS tracking devices that alert owners when Fido left the yard, smart collars that alert owners when Fluffy gets too close to danger zones like pools or busy streets, and even apps that allow pet parents to keep tabs on how much food/water each animal consumes daily so owners can make sure everyone is getting proper nutrition.
New Product Launches Increase Demand
Considering the growing interest of pet parents in attractive and useful products, many market players are experimenting and launching new products which increase demand.
Pet parents are savvy folks, and they always want the latest and most entertaining pet care products. Thus, pet care companies have to keep coming up with new stuff all the time. And when they do, you can be sure that there will be some buzz about these new products. Why? Because people like them.
They are more effective as compared to old products, more convenient than old products, and more fun than old products. So even though a new product may cost more money upfront (or require additional purchase), pet owners are willing to pay because of all the benefits it provides over older options.
Pet Ownership Rates Continue to Rise
You may be wondering, with all the talk about pet care products, whether the number of pets themselves is increasing. The answer is yes. A recent study from the American Pet Products Association found that 69 million households have dogs while around 43 million households have cats.
Moreover, pet ownership continues to rise at an alarming rate and is highest in urban areas like New York City and Los Angeles. They’re also on the rise among the youth population, who tend to live in urban areas where they can spend more time with their furry friends.
Summing Up
It is clear that the pet care market is growing. The pet industry has made massive strides in the last few years, and it is continuing to grow. With this growth comes new opportunities for businesses but also new challenges for consumers who want to make smart choices when buying products or services for their pets.
With the growing number of people treating their pets like family, it’s clear there will be an increasing demand for products that cater to our furry friends. While there are still many roadblocks ahead, companies need to see what customers demand and deliver it on time with the right price tag.
