In a new report from Mintel, it’s pets before humans, with 40% of pet care buyers confirming that they would spend as much money on their pet as they would on a friend when it comes to special occasions such as Christmas and birthdays. This compares to an average of 32% across all buyers.
“There are already pet Christmas and birthday presents available from a number of retailers, but the willingness to spend just as much on a pet as a friend shows that there is an opportunity for retailers to offer more event-specific products,” says Mintel’s retail analyst Chana Baram. “Having pet products for seasonal events such as Valentine’s Day would likely prove popular with young consumers, and this could extend to other key events such as weddings or funerals.”
Chana adds that as pets increasingly become viewed as family members, and are ‘humanised’, pet owners are willing to offer them their own products and unique items, which often carry a higher price tag, and help to drive category growth.
“Our research shows that Millennials are particularly devoted to their furry companions,” states Chana. “As the age of having children increases, we know some young people are opting to get a pet first and treat them as a family member. Additionally, there are many pet ‘influencers’ on social media, which are likely to appeal to the Millennial demographic, such as Doug the Pug, a dog with 3.6 million Instagram followers.”
Top: Blanche, owned by Adrian Smith at Rex London, shows off her fancy socks.
