Where are pet parents willing to spend more this year?

Vericast’s 2023 Retail TrendWatch surveyed over 700 pet parents in the US and found that they plan to increase savings to be able to afford products for the pets. Below are key areas businesses can strategize for higher sales. 

Pet food and treats

Almost 8 out of 10 respondents are willing to spend more on pet food and treats this year. According to Vericast’s research, this indicates a growing interest in higher-quality products.

Vitamins and supplements

According to the research, 38% of pet parents are willing to spend more on health products like vitamins and supplements. The same percentage was also willing to pay more for pet hygiene products.

Pet birthdays and toys

According to the research, 8 out of 10 American pet owners celebrate pet birthdays and holidays with gifts and treats. Since 2022, there has been an 8% increase in pet gifts and holiday treat purchases.

Almost three-quarters of pet parents working remotely plan to spend more on toys and activities to occupy their pets during the day. Overall, 62% of owners surveyed say they are spending more to keep their pets busy. 

Seeking value deals

Pet parents will spend more on the health of their pets but would like to save in other categories when possible. For instance, over a third of respondents (37%) are on the hunt for better discounts across all pet spending areas. 28% currently use loyalty programs.

Almost one-third of pet parents (32%) prefer shopping at big brand specialty stores as they offer the most discounts, while 3 out of 10 opted for big box shops for the same reason. A further 20% prefer shopping on e-commerce platforms, while 13% are willing to purchase from local and boutique pet stores.

41% of respondents refer to their pets as support or service animals to make them eligible for special privileges.