What fast-moving trends are expected to gain traction in the year ahead? Euromonitor shares the key insights.
Each year, Euromonitor International identifies emerging and fast-moving trends expected to gain traction in the following year and have the most impact on the market. These trends provide insight into changing consumer values, exploring how consumer behavior is shifting and causing disruptions for businesses globally.
Value Hackers, Delightful Distractions and Wellness Pragmatists are among the global consumer trends shaping the Pet Care market in 2024.
Responding to high inflation and escalating costs, consumers are resorting to cost-cutting behaviors, attempting to “outsmart the system” by adopting more creative approaches to stretch their money further. They are looking for alternatives like using reward points for payment and switching to private labels and discounters.
Manufacturers are addressing this trend by innovating with loyalty programs, early-bird rates, referral initiatives, and complementary services. Targeting price-sensitive consumers, retailers like Felleskjøpet in Norway are increasingly incorporating premium options within their private-label pet food and product lines.
Consumers feel the urge to escape the burdens of their everyday routines and problems. Pets serve as the best refuge for moments of joy and relief. Businesses are adapting to support consumers with innovative products and services, helping them justify their purchases—our pets bring us joy, so any distractions linked to pets present an opportunity. Benefiting from this trend, treats and mixers for dogs and cats are among the fastest-growing pet care categories. Meanwhile, pet shops are increasingly offering pet services such as spas, salons, health and wellness centers, swimming pools and studios, providing consumers with new experiences for their beloved pets.
Consumers are adopting a pragmatic approach to their mental and physical health, and due to the increasing humanization of pets, this trend is extending to the pet market. People are looking for healthy and functional foods for their pets, aiming to keep them fit, healthy and looking their best. Wellness pragmatists are moving away from time-consuming, multi-step processes that require a significant commitment. Instead, they are looking for easier, more practical options that can be seamlessly integrated into daily routines and deliver instant results. Consequently, functional foods, especially pet food supplements, are on the rise, providing health benefits with the highest convenience. Companies are innovating with personalized, nutrient-rich pet meal plans tailored to pets’ age, health status, and lifestyle to provide the most effective tools to make pets healthy.
Learn more in Euromonitor’s annual report, Top Global Consumer Trends 2024, which reveals emerging insights into consumers’ values and shopping motivations
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