Pet spending stays high

This figure equates to growth of 5.7 per cent in the pet product market compared with last year, APPMA states. According to information supplied by the American manufacturers' association, the market is broken down into $ 15.2 bn for pet food, $ 9.3 bn for accessories and care products, $ 9.4 bn for health products, $ 1.8 bn for live animals and $ 2.7 bn for other pet-related services. Last year, the volume of the market came to $ 36.3 bn, according to figures released by APPMA. This was equivalent to an increase in sales of 3.5 per cent compared with the year before. “It is interesting to note that food continues to show growth not only in the expected high-end areas with vitamin fortified formulas, gourmet lines and natural/organic food but with the value-priced portion of the segment as well,” stressed Bob Vetere, C.O.O. and managing director of APPMA. However, Vetere commented that the overall figures had been dampened somewhat by the severe storms and floods that had affected parts of America last summer, although the sales losses had been offset by brisk Christmas trading. Bob Vetere points to a continued trend in the humanization of pet products to fuel further growth in retail. “Pet ownership continues to increase especially among key demographic sectors including baby boomers and young professional couples,” said Bob Vetere. As is becoming widely recognized, pet owners' spending is not limited to the basics. APPMA's national pet owners survey shows 27 percent of dog owners and 13 percent of cat owners buy their pet birthday presents, and 55 percent of dog owners and 37 percent of cat owners buy their pet Christmas presents. Bob Vetere: “We've come a long way in terms of how we view and treat our pets. And fortunately for pets and people, there is still plenty of opportunity for healthy growth.”
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