Consumer Spend on Pets Going Strong
One of the big-ticket purchases that got many of us through the pandemic was adding a pet to the family.
Many consumers, especially millennials and Gen Zers, see pets as true members of their family and focus their spending on pet well-being and entertainment. The focus on wellness by these generations has trickled down to inform how they care for their furry friends, too.
In a post-pandemic world where consumers also face pressures from inflation, it appears that spending on pets has not been diminished even as disposable income is constrained. According to both Chewy and Petco, consumers haven’t pulled back on their spending or trading down on categories like food for their animals — even if it means buying fewer pet toys or other items.
Consumers appear to be more price resistant for themselves than they are when spending on their pets. This presents an interesting opportunity for the retail industry as it grapples with how to meet consumer demands and also focus their assortments during a time of pullback on spending. Refocusing on those non-negotiable categories for consumers, whether pet-related or not, can continue to entice shoppers into stores and drive additional impulse purchases.