There’s never been a better time or a bigger need for “man’s best friend” than now. As officials across the country urged Americans to stay at home and practice social distancing to stop the rampant spread of the COVID-19 virus during the pandemic, many Americans turned to our furry friends for comfort and companionship. In fact, the American Pet Products Association reported in its most recent “COVID-19 Pulse Study” that 11.38 million U.S. households have gotten a new pet during the pandemic. In addition, three out of four pet owners reported that spending time with a dog, cat or another animal species helps reduce their stress and increases their sense of well-being during COVID-19. The report also showed:
- 16% of Generation Z respondents and 13% of Millennials have welcomed a new pet during the pandemic. Just 3% of Baby Boomers have done so.
- 72% said their pet’s diet is “very important to them” and that they “do not plan to make any changes to it regardless of their financial situation.”
- 56% are very loyal to their chosen pet food brand.
With the dramatic increase in the number of new pet owners and the fact that many Americans are still working from home as we eagerly await the definitive conclusion of the pandemic, all pet owners (new and old) are spending more time with their pets. And with this increased time spent with a pet, comes an increase in pet owners’ awareness of their pet’s well-being along with an increase in spending on their pet. When you combine these with the fact the life expectancy for our pets has greatly increased, it’s clear that American consumers are prioritizing innovative approaches to animal health and happiness, which will lead to an even greater increase in consumer spending in the pet products market.
Consumers are Increasingly Placing Greater Value on Their Pets
Not so long ago, a family’s pet would be relegated to live and play outdoors, but today’s pet owners would never dream of that. Today pets enjoy the luxury of sharing the family home – often with free reign. For many pet owners, their pet is their loyal companion. More time spent at home during the pandemic has only solidified this bond.
Over the last year, pet owners have grown even closer to their pets. This trend is recognized in the continued industry growth. Increased consumer spending on pets is at play for new pet owners as well as those who have had a pet for some time. Pet owners are continuing to look for ways to provide the best care possible for their pet. This trend toward continued investment in pet well-being foreshadows a continued bright future for the pet products market and significant growth opportunities for those who own a pet store franchise, especially a pet groomerie and boutique franchise that provides multiple revenue streams.
The Pet Products Industry has Surged During the Pandemic
The pandemic has caused many consumers to cut back on their spending habits, creating a trickle-down effect in many business markets. However, even during the pandemic, pet owners have continued their increased spending on pet products. The American Pet Products Association estimates that Americans spent nearly $100 billion on their pets in 2020, which is higher than ever before. But this isn’t the first time the pet products industry has thrived during difficult times. During the financial crisis that hit in 2008-2009, the pet products industry continued to grow, proving the resiliency of the market.
However, those who think the pet products market is just resilient would be mistaken. That’s because we’ve seen the pet products market do more than just survive. Time and again the pet products market weathers the storm and comes back stronger than ever. This is a trend that shows no signs of stopping.
If you are interested in learning more about how we can help you achieve your dream of owning your own business and get in on the booming pet industry, please download a copy of our free Franchise Report. Inside this report you will learn more about what Splash and Dash has to offer and what makes us a great franchise business opportunity.