The pet market is indeed enjoying a boom period, with top merchant Pets at Home confirming its full-year trading results will reveal considerable growth thanks to “continued powerful and broad-based expansion across all channels and groups”.
With customer interest rising and growing in the marketplace, insight our team chose to better look in the pets group and see how customer attitudes and behaviours are changing.
A whopping 49% of the adult population now owns a pet, increasing to 60% among 45- to 54-year-olds. 1 in 10 pet owners has obtained their new relatives in the previous 12 weeks, using 18- to 34-year-olds. The most likely age group to have welcomed a dog friend in their houses, providing a fast increasing new generation of pet owners. New owners also need to splash the cash, with 51 % of these asserting that it’s been more costly than they believed it’d be.
Spending on the rise throughout the pandemic
It is not only new owners fuelling the uplift from the pet industry, with 30% of longer-term owners detecting that an increase in their monthly spending on pet-related items because they obtained their pet. Among the factors contributing to the higher spending is the diversity of products available, with 50% of owners stating pet ranges have grown.
The very best cause of the rise in spending throughout the pandemic is the fact that we’ve been spending more time in your home with our furry pals. On the other hand, the motives differ by sex, with women far more inclined to say staying in the house as their motive for growth spend. By comparison, men’s number one motive for more lavish spending is to deal with their pet because they haven’t taken them out as much.