Pet supplies and pet food spending has been on a roller-coaster ride, writes John Gibbons. However, the driving forces of each are different. Pet food is “need” spending and has been powered by a succession of “must-have” trends.
Pet supplies spending is largely discretionary and has been affected by two primary factors, 1) spending in other major segments and 2) price.
Gibbons shares myriad analytics by segments and demographics plus an economic perspective worth noting.
Source: Pet Age, June 29, 2021. Link.
Pet spending comes out of one bucket. A big increase in one segment can result in a cutback in others and big savings can generate more spending. The recent upgrade to super premium food was such a big spending commitment that it magnified this effect.”
INSIGHTS: Gibbons recognizes possible pocketbook limits the veterinary industry has bemoaned for decades. Consider however, the commitments to premium foods reflect the increasing interests in life quality and lifespan routinely discussed by the veterinary segment. Instead of prejudging by some aberrant economic perception . . .
sometimes it is best to Just ASK!