Denise Power highlights the surge in spending on pets. She outlines perspectives from Petco, Walmart, APPA, TD Ameritrade, Realtor.com, Bark and several specialty dog food companies.
What we see happening is a transition from pets being ‘man’s best friend’ to ‘family’s favorite child.’” – Nick Konat, Petco
Source: CO, U.S. Chamber of Commerce, July 9, 2019. Link. Expect more new pet innovations as furry companions’ role in daily life grows, providing the counterbalance to technology-driven behavior that can be isolating.
Pets are a natural way for people to engage around the family and with other people — to get a more social aspect of living that maybe isn’t as easy to attain as it was before.” – Chris Walton, Red Archer Retail
INSIGHTS: Konat notes millenials’ outsized influence on this massive growth and their demand for high-quality products is a key aspect of is direction. Desiring quality for pets is commendable, as is desire for improved pet health. It is important to counsel pet owners however, that not all human food trends and product trends, for that matter, translate to improved living for pets.