Pet owners in the US spend $74 billion annually on their pets

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 30, 2019, 2:28 AM UTC

Bigeye for The 2019 Pet Industry Study surveyed 784 pet owners between ages 25 and 55 in the US.

This article cites a study stating that pet owners are spending over $74 billion annually on their pets. According to the study, the landscape of consumer packaged goods and retail industries is undergoing a change due to “pet parenting”.

As per Adrian Tennant, vice president of insights at Bigeye, pet owners are “the new parents” and consider their pets as a necessity, not luxury. They show willingness to splurge on their pet and are open to subscription-based services which are more convenient.

He adds that the shift towards humanising pets will have a significant impact on product design, distribution, brand premiumisation and more. “Smart” brands are expected to respond to their customers and adapt to changes.

Read the original article

[1 minute read]