It is hard for pet store franchises to not see how the pet industry is growing. The stats for 2014 put pet spending at $73 billion. That is a large increase in a single year and those aren’t the only numbers pet store franchises should think about for 2015.
1. Pet Ownership is growing.
Since 1988, pet ownership has increased by 6%. From 2009-2013, the number increased from 53.6% to 56.5% alone. 3% might not sound like a lot, but 66.8 million homes with pets. Cat ownership dominates at 22.7% of the market, while dogs, at 18.9%, are steadily increasing each year and this leaves pet store franchise owners in an excellent position.
2. Pets are Part of the Family.
Pets are being warmly welcomed into the family and made just as important as any human member. As pet bonds grow stronger, people are more willing to spoil their pets and treat them much like their human counterparts. More money is being spent each year on pet grooming and pampering, specialty dog treats, custom and tempurpedic beds for their pets, and even designer clothing. According to the American Veterinary Association’s study in 2011, families who considered their pets spent more money on their pet, averaging at an increase of 61% more than those who viewed a pet as a companion and those who viewed as a companion spent 71% more than those who view their pet as property.
3. Premium shopping is on the rise
Based on a survey, 70% of pet owners said they would be willing to spend a few extra bucks on the best possible products for their pet. As humanization of pets because the norm, this number will only increase. That includes premium foods (organic and imported), beds, toys, collars, services like grooming and daycare. This in turn allows more pet store franchises to carry specific or higher quality, higher priced items.
4. Brand Loyalty might be a challenge.
While pet spending is on the rise, a comparison in shopper loyalty from 2006 and 2013 showed an 11% drop in customer loyalty, showing that people are more likely to shop around at different pet store franchises, but do not fret! By creating a personal experience, unique merchandise, and special care for your consumer’s families, your customers store will have no problem with repeat customers and customer loyalty. It’s all about the service and this is the obstacle that Splash and Dash pet store franchises have solved with a signature bath membership.
5. Pet Obesity is on the Rise.
In a 2013 survey, the Associate for Pet Obesity Prevention found that 52.6% of dogs and 57.6% of cats were considered overweight or obese and the average of 90% of those owners thought their pets were normal sized!
If you are opening pet store franchises in the near future keep this information close at hand and use it to your advantage. The pet industry is rapidly growing and with the right information and focus, you can grow along with it.