By Alan Richman, Contributing Writer09.10.18
Americans love their pets. There’s no better evidence of this than the fact that total annual pet spending has increased more than $2 billion each year since 2007, even during the second worst financial downturn the U.S. ever experienced. The American Pet Products Association reported that U.S. consumers spent $69.5 billion on pets in 2017, up from $66.75 billion the previous year. The figure was just $41.2 billion a decade ago.
Pemiumization, Humanization,
Analyzing these numbers, the New York, NY-based Nielsen organization said, “The humanization of pets has played well for brands and retailers that have developed or pivoted their strategies for consumers looking to treat their furry friends to the best that life has to offer. The demand for higher-quality premium food, for example, has boosted retail sales dramatically over the past 10 years, with annual pet food household spend among pet owners increasing 36% between 2007 and 2017.”
Market research firm
Pemiumization, Humanization,
Analyzing these numbers, the New York, NY-based Nielsen organization said, “The humanization of pets has played well for brands and retailers that have developed or pivoted their strategies for consumers looking to treat their furry friends to the best that life has to offer. The demand for higher-quality premium food, for example, has boosted retail sales dramatically over the past 10 years, with annual pet food household spend among pet owners increasing 36% between 2007 and 2017.”
Market research firm
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