The Number of New Pet Owners Has Greatly Increased During the Pandemic

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.

invest in pet store

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.

franchise pet store

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.

Where is the Pet Store Industry Headed?

Amid Expansive Growth: Pet Store Industry Trends for 2021 and Beyond

While the pandemic has made a mark on every industry, the pet industry has been especially resilient – recognizing significant growth during the pandemic. By just about every metric, the pet industry in 2021 represents one of the most lucrative business options, with franchise business opportunities leading the way. Now is a great time to own a pet grooming franchise perhaps one of the best franchises to own in 2021.

Following the positive trend already established by Millennials, pet adoptions have continued to skyrocket in the United States. Three out of every four American Millennials own a dog or cat. But, it’s not just the growing number of pet owners that has positively influenced the market, there has also been a significant shift in how pet owners relate to their pets. A growing number of pet owners think of their pet as a vital member of their family. With this mind shift has also come a drastic increase in spending on pets, with pet owners increasingly seeking out luxury items and specialty services for their pets. If it’s good enough for them, it’s good enough for their pet.

The Success of 2020 has Primed 2021 for Continued Growth

According to the latest statistics from the American Pet Products Association (APPA), the United States’ pet industry is currently worth $99.0 billion, up from $95.7 billion in 2020. With 85 million families in the United States owning a pet, it’s expected this industry growth will only continue.

With so much growth, changing pet owner attitudes, and increasing consumer demand, the pet industry is ripe for pet store franchises, especially a pet franchise business that delivers a recurring revenue model. In response to consumer demand and a booming market, the pet industry has developed some significant trends.

pet store industry

Top Trends for 2021

Here are the top industry trends that will continue to make a difference to pet owners in 2021 and beyond.

There are a Growing Number of Pet Products & Supplies

The largest pet store industry sales are in the food and pet care categories. There are a growing number of products such as pet clothing, collars, carriers, and food bowls that pet owners are eager to purchase for their pets. This business segment continues to see positive sales growth.

Pet Grooming & Other Services are in High Demand

Just because a pet owner works or some other reason has them away from home doesn’t mean they can’t still pamper their pet. More and more pet owners are dropping off their pets to be pampered at the groomers. The convenience of local pet groomers has seen the pet services category continue to surge in popularity, making it the fastest-growing product segment over the past five years.

New Pet Technologies Enhance Pet Care

New pet technology gadgets are hitting the market and becoming increasingly popular. With everything from automated feeders and pet cams to pet “fitbits,” new pet technology solutions are revolutionizing the way pet owners interact with their pets while they are at home and also while they are away from their pet. Unimaginable just a few years ago, today fitness apps enable pet owners to track their pet’s health, locate nearby dog parks, find a veterinarian, or monitor their pet’s activity remotely.

Organic and Sustainable Aren’t Just for Humans Anymore

With the growing trend of pets as family, it’s no surprise pet owners are looking for products for their pets that are in line with products they buy for themselves. This move includes such items as organic pet food, gluten-free and grain-free food options, natural fiber toys, all-natural cat litter, and pet groomers that use cruelty-free and environmentally-friendly products.

CBD Products Are Growing in Popularity

CBD products have gained massive appeal in the human market, so it was only a matter of time before it crossed over to the pet market. Thanks to the federal government, CBD products are now legal, provided the extract contains no more than 0.3 percent THC. Pet owners are flocking to buy CBD extracts, treats, and shampoos and topical oils for their pets to help ease anxiety and stress for their furry family members

Pet-friendly Travel is Taking Off

Pet owners are planning vacations that include taking along their pet. This opens up a big opportunity for pet travel-related products and services in the pet, hotel, and travel industries.

Online Shopping Continues Its Uptick

E-commerce options continue to grow, accelerated by COVID-19. However, boutiques that offer one-stop shopping along with specialty items are still in hot demand.

Pet Luxury Items and Customization Are Making a Name for Themselves

Designer labels such as Chanel, Gucci, and even Swarovski crystal are taking a trip down the pet runway, offering high-end fashion for our four-legged friends. Pet owners are willing to pay the high price tags to set their pet apart. Along these same lines, pet product customization in 2021 is lightyears away from what it used to be. Pet owners want more personalization – way beyond an engraved name tag. Today, pet owners are seeking customized pet food, using doggie DNA tests to determine the best food options for their pet.

Consumers Are Seeking More Social Experiences

Today’s consumers are digital-first, so a brand’s online presence is of paramount importance. Consumers want to see a website and social media that inspire trust and make a connection, and they want the information to be up-to-date and easy to use. Pet owners want to be able to easily schedule appointments and handle payments. Subscription boxes that deliver a monthly assortment of pet goodies to pet owners are also very popular. It’s all about creating a good experience for pet owners.

Looking Ahead: The Future for the Pet Industry

The pet industry is growing year-on-year. There is certainly space and plenty of opportunity and demand for the development of new products and services that cater to the needs and wants of pet owners.

At Splash and Dash Groomerie and Boutique, we know the pet service industry is going strong. Our franchisees are taking full advantage of the phenomenal industry growth. We are looking for passionate people who are looking for a rewarding business opportunity to join our franchise family.

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.