IRI releases new insights into consumer spending
Every quarter, the market research company surveys consumers to uncover shopper’s behaviors and attitudes, supplemented with CPG purchasing data.
In its Q2 survey and research report, they show that pet spending has increased 7% from last year.
Pet food products are now in the top 5 bestselling categories across all CPG product categories.
Growth drivers & insights
Pet owners indulged their pets during Q2, with 32% of survey respondents reporting they purchased more treats for their pets than in Q1, and 17% reporting they bought more pet products like leashes, scratching posts, kennels or carriers, and mats.
Gen Zers, millennials and wealthy households purchased more pet products during the pandemic than other groups.
Millennial and Gen Z consumers shopped for their pets across the most channels and preferred to shop at specialty stores and mass merchandisers more than other generations.
Older consumers fulfilled their pet needs at grocery and convenience stores most often.
When shopping for pets, consumer purchase decisions are driven by health and nutrition first, followed by pet preference and price. More than half of consumers shopping for pet food consider health and nutritional standards before purchasing, while 46% consider their pets’ taste preferences and 42% shop for a good price.
Strong national brand loyalty is prominent among consumers of all income groups and generations. National brands outperformed private label brands by more than 3% in dollar sales growth throughout the past year. To level the playing field, private label brands are offering increasingly competitive prices, dropping the price per unit by nearly 6% over the past year.
For the full report, click here.