Man’s best friend becomes retail’s best customer
How the evolution of families have changed pet ownership
Fur baby. Dog mom. Dog dad. From photo frames in pet aisles to hashtags on social media, there’s no denying that people love their pets. Even UPS drivers have some competition (on Halloween at least) when it comes to these four-legged friends.
The American Pet Products Association reports that pet product supplies skyrocketed from $17 billion in 1994 to more than $100 billion for the first time in history. Of course, the profits are not all Halloween costumes and eye-catching outfits for Christmas postcards. While $42 billion of pet profits are from dog food and treats, the rest are for primary needs: $31.4 billion for veterinary care and $22.1 billion for supplies and over-the-counter medicine.
The Atlantic confirms that Millennials overtook Boomers as the largest pet-owning cohort of Americans in 2020; more than half of them have a dog.
One area where numbers declined was in grooming, dogwalking and dogboarding. With pet owners at home more than usual during the worldwide coronavirus pandemic, there was a decrease of 21.4% (or $8.1 billion) during quarantine. However, pets are still making a “doggone” impact as families evolve—from single-parent households to married households and beyond.