The majority of U.S. households own pets for the enjoyment and companionship they provide, according to market research firm Mintel. For most adults, pet ownership is a lifestyle or emotional choice that is limited only by one’s ability to care for, finance, house or medically tolerate a pet. Market innovations that reduce the burdens of ownership while increasing its enjoyment are the keys to future growth, said Mintel. “Americans love their pets to the tune of more than $54 billion a year,” commented Fiona O’Donnell, Mintel Category Manager, Multicultural, Lifestyles, Travel & Leisure. “For many, the household pet is member of the family like any other. Yet, the cost of ownership is rising at the same time that families have increasing financial responsibilities and burdens. Marketers that figure out how to enable pets to be pampered without breaking the bank should see success.” As the U.S. economy continues to improve, consumer confidence grows, which drives the market through increased discretionary spending on impulse purchases, training, better quality pet food and willingness to spend more on pet healthcare. Outside of food, pet humanization trends generated strong demand for pet products in 2015, indicated market research company Euromonitor International, as owners purchased toys, apparel, technology and other accessories to make their pet part of the family. As Millennials emerge as the next major group of U.S. pet owners, the role of technology in pet care is becoming more important. Millen- Global Pet Care perspectives 20 Spray October 2016 Adoption awareness, the quest for companionship and humanization of pets spurs on the international market.
Spray October 2016
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