‘Pet Parents’ Shake Up $75 Billion Pet Industry
New data show that 95% of owners consider pets as part of the family.
Oct 31, 2019
ORLANDO, Fla.—A new study shows the “dog mom” trend is here to stay, signaling shifts in consumer preferences and behaviors that are poised to reshape the $75 billion pet industry. Bigeye’s 2019 Pet Industry Study reveals how “pet parenting” is transforming the landscape for the consumer packaged goods and retail industries.
“It's official: Pet owners are the new parents, and young people in particular see their pets not as a luxury, but as a necessity they're willing to splurge on,” said Adrian Tennant, vice president of insights at Bigeye, in a press release. “They're dressing their pets up, giving them nutritional supplements, and basing where they live around them, just as they would with human children. And they're increasingly open to subscription-based services that enhance convenience.”
The survey found that 34% of owners say their pet influenced where they live, while 42% of pet owners who haven't used cannabidiol (CBD) products on their pets would consider trying it. Ninety-five percent of owners consider pets as family members.
“This shift toward humanizing our pets will dramatically affect everything from product design and distribution to brand premiumization. In particular, strong generational preferences will drive placement in media-buying strategy. Smart brands will listen to the voices of their customers and adapt to these changes,” he said.
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