Between 1995 and 2005, the so-called "uber owners" making US$70,000-plus
more than tripled their household pet expenditures from US$5.2 billion to
US$18.6 billion, and accounted for more than half of total spending in three of
the four market categories examined by the report: pet food, pet supplies, pet
services and veterinary services (see Table)
Dual income, no kids
Among the most important premium pet product demographics are couples without children, including dual-income, no-kid couples and older "empty-nest" couples, who are growing in number. According to the report, the percentage of two-adult households without kids that own dogs or cats rose from 48.8% in 2003 to 51.9% in 2006. These households increased their share of all US households with dogs or cats from 32.2% to 34.5% in the same period.
Humanization
While much of the growth in the premium pet supplies market stems from an increase in the number of upper-income households, humanization of pets is also fuelling consumer demand for premium products and services. Underlying the humanization and functional pampering trends is the aging pet population, said Packaged Facts, predicting this population will soon emerge as the single most important pet market sales driver and marketing thrust. As pets live longer due to better care, owners are developing deeper feelings for them.
Organic pet food
Helping to steer the premium direction of the pet market is the surge in natural/organic food and products--the No. 1 most common claim for new products in 2006. Packaged Facts pegged US retail sales of natural pet products at US$728 million in 2006, up from US$338 million in 2001, with food accounting for 71% of sales, followed by cat litter at 20% and health products at 9%. The report forecasts the market will top US$1.1 billion by 2009.
To purchase the full report, which examines the groups most likely to buy premium pet products, visit http://www.packagedfacts.com:80/Trends-Premium-Pet-1219010/
Dual income, no kids
Among the most important premium pet product demographics are couples without children, including dual-income, no-kid couples and older "empty-nest" couples, who are growing in number. According to the report, the percentage of two-adult households without kids that own dogs or cats rose from 48.8% in 2003 to 51.9% in 2006. These households increased their share of all US households with dogs or cats from 32.2% to 34.5% in the same period.
Humanization
While much of the growth in the premium pet supplies market stems from an increase in the number of upper-income households, humanization of pets is also fuelling consumer demand for premium products and services. Underlying the humanization and functional pampering trends is the aging pet population, said Packaged Facts, predicting this population will soon emerge as the single most important pet market sales driver and marketing thrust. As pets live longer due to better care, owners are developing deeper feelings for them.
Organic pet food
Helping to steer the premium direction of the pet market is the surge in natural/organic food and products--the No. 1 most common claim for new products in 2006. Packaged Facts pegged US retail sales of natural pet products at US$728 million in 2006, up from US$338 million in 2001, with food accounting for 71% of sales, followed by cat litter at 20% and health products at 9%. The report forecasts the market will top US$1.1 billion by 2009.
To purchase the full report, which examines the groups most likely to buy premium pet products, visit http://www.packagedfacts.com:80/Trends-Premium-Pet-1219010/
|
Table - Pet market segment expenditures by households income greater
than US$70,000 | ||
|
|
1995 |
2005 |
|
Pet food |
23.8% |
42.7% |
|
Pet services |
51.1% |
61.7% |
|
Pet supplies |
22.8% |
50.1% |
|
Veterinary supplies |
30.1% |
53.9% |
|
Source: Packaged Facts | ||
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