Gloucestercitynews.net(Dec. 16, 2019)--There are multiple websites that provide detailed information on pet accessories, such as the one available on petsinuniform.com. This is only a small aspect that shows how much the pet industry has grown in the past years. It’s important to correlate the significant differences between generations to see the direction in which this industry is going.
What do the statistics look like?
The pet industry has experienced what we can call an explosive growth in the past years, and the data is here to support this statement. The American Pet Products Association has worked to provide some facts and figures on this matter and, according to the data provided, there are around 85 million households across the country that have a pet.
There’s a clear increasing trend in pet ownership, given that in the last 30 years, this indicator has gone from 56% of the households, all the way to 68%. There are several factors contributing to this trend, such as technological advancements and online shopping. Today we have everything we need by simply clicking a button.
Of course, this is not always a good thing, but in the case of the pet industry, it has definitely shaped the way shopping is approached. Furthermore, we have to take the changes in terms of generations into account as well. While baby boomers today account for only 32% of the pets owned, this number increases sharply as we move toward millennials and Generation Z consumers.
These two categories have come into adulthood and they have definitely embraced everything that has to do with owning pets. As a result, the number of households that have companion animals increases up to 62% as we move towards the younger generations.
Pet industry trends
What’s even more important to note is that younger generations, namely millennials and Generation Z representatives, not only embrace having pets in their homes, but they also have different expectations and goals in terms of taking care of the animals and the services they are being offered.
For instance, consumers no longer want to feed their pets traditional foods, and they are looking for healthy alternatives and ingredients lists that they can understand. Of course, such products cost more, which means that consumers are also trading up, as they choose frozen, fresh, or made-to-order diets for their little friends.
Online shopping has shaped both customers’ expectations, as well as the way companies are selling their products. For instance, large retailers, such as Amazon, are promoting owned brands which is a tactic that eliminates middlemen (and thus extra margins) and disrupts the market. Smaller retailers are also creating their own identity and brands to stand apart in this line.
Pet parents also feed their pets more treats, as some numbers show that this takes place up to 8 and 10 times a day, of course, this meaning extra costs. There are also multiple services and conveniences that develop within this category, given that smartphones and other technological developments play a major role here as well.
Pet grooming, care, transportation, hotels, and other such services are being paid a lot more attention. It’s important for the younger generations to be able to travel with their pets everywhere they want to. This can also be the result of a change in perception, given that animals are today seen as truly part of the family.
Millennials are today the largest pet spenders, compared to any other demographic or group that loves pets and experiences. That’s why the concept of training a pet has made its way into this generation’s life, especially since people tend to travel with their pets a lot more and include them in social activities as well.
The result is that some companies have developed special training programs which focus on the human experience, rather than on the animal itself. This means that one no longer drops off the dog for a training day, while the owner goes about running other errands. These programs focus on the relationship between dogs and their owners and include training in weekly routines.
The impressive part is that these programs have very high success and retention rates, and they also include data and personalization. The ultimate training goal is to provide the best experience to each pet owner, so things such as history and preferences are tracked in order to tailor the program according to specific needs.
Furthermore, it’s important to note that such an approach shifts the focus from the pet (or dog, in most cases) to the owner, given that the two need to share these little training and bonding moments every day. Of course, given that we live in the age of social media, there are some features available in this direction as well, even though this is not the ultimate goal of such programs.
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