When asked what they would cut first to reduce monthly spending, only 3% of pet supplement buyers said they would cut back on pet-related expenses, according to a recent survey.
The rate is lower than any other category surveyed.
The survey was completed by MarketPlace, a brand strategy firm based in St. Louis, and it showed that while pet supplement buyers were likely to cut back on non-essential categories like entertainment (64%) and clothing (38%), 19% said they would cut back on their own expenses. on food, 8% will reduce transportation costs, and 5% will be spent on health care.
“Many pet owners consider their pets family, and these relationships influence their purchasing behaviors and priorities,” said Nicole Hill, executive director of strategy at MarketPlace, in a statement.
The findings come as Nestlé, Colgate-Palmolive, and General Mills recently sought their fastest growth in premium pet categories amid inflationary pressures.
Hunter Williams, partner at consulting firm Oliver Wyman, told FreightWaves, “Part of the recession resilience of [the pet industry] is that people don’t want to sacrifice the quality they give their children — furry or not.”
Nearly half (46%) of pet owners spend the same or more each month on their pets as they do on their children, according to a recent survey from Ally Financial.
Last fall, Morgan Stanley Morgan Stanley predicted 8% annual growth in the pet industry through 2030 as the pet craze pandemic added 5 million pets to US households as of 2019. About a A third of the most recent pet adopters were found to be 18- to 34-year-olds, and they often spend more than other age groups on food, feeding, and caring for their pets.
“As Millennials become homeowners, delay having children and increasingly have smaller families, they tend to spend more on their pets than older pet owners animals, especially in premium foods and services,” said Simeon Gutman, a Morgan Stanley analyst. “The increase in ownership during the pandemic was mainly driven by this group, and they are likely to accelerate the trends towards treating pets like people and providing premium care. As a result, the benefit of COVID in the pet industry is likely to have a long tail.”
