The $53 Billion Pet Care Industry is Preparing to Surge as Pandemic Puppies Grow Up
Business Insider | November 18, 2020
The upcoming holiday season is different this year, but dogs and cats, along with the retailers who sell pet merchandise, will come out ahead. Consulting firm, Deloitte, found that the average consumer will spend $922 on holiday shopping this year. Pet items ranked among the top categories respondents wanted to gift and receive this year.
Half of the consumers surveyed plan to buy pet supplies or food while shopping for the holidays this year. Nearly a quarter of shoppers said that they will buy pet toys, decor, or accessories as a gift, on average spending $90 on pet supplies over the holidays.
"Since people have more time with their pets than usual, they're pampering and looking for things like better collars and harnesses, toys, treats, and beds. We're seeing more online sales from customers all over the US because we've curated some unique pet products," Allison Rynne, manager of specialty pet supplier Muttropolis told NRF.
Nearly half of consumers who plan to buy pet supplies told Deloitte that they prefer to shop at pet stores. Online pet retailer Chewy has benefitted from the growth in both pets and e-commerce, putting together holiday gift guides for dogs, cats, and "pet parents." In Q2, Chewy's sales grew 47% year over year, and its market value increased to $28.9 billion. Chewy CEO Sumit Singh told CNBC that people are buying more crates, bowls, toys, and treats.
In September, Walmart also explained plans to accommodate more pets during the holidays and sees the pet boom outlasting the holidays. The retail giant is launching Walmart Pet Care, a pet insurance plan integrated with Rover, the pet-sitting app.