More than three quarters of Americans spend $75 billion annually on their pets. Pet food sales along are up six percent compared to last year. Pet ownership is most common among millennials and Gen X, with 59 percent of households owning at least one dog. However, millennials are more likely to own multiple dogs and Gen X is most likely to own multiple cats, at 42 percent of households and 53 percent of households, respectively. Not surprisingly, e-commerce and convenience drive much of this pet food buying.
Source: Acosta’s Pets Are Big Business. Link. “ . . . we’re seeing spending behaviors shift to reflect more hassle-free buying options and more interest in healthy options for their pets that include real, natural ingredients.”
INSIGHTS: Convenience is more important than price and brand assortment.