Did you know Australia has one of the highest pet ownership rates in the world at 60 per cent? Indeed, our four legged friends have become an integral part of our lives as we include them in everyday family activities.
As pets become increasingly humanised, households are spending more money on them in the form of premium food, dietary supplements and vitamins, pet accessories and treats. In fact, 88 per cent of households spend more than $12 billion a year on caring for them!
However, lifestyle choices mean that pet owners now have less time to spend with their animals. Therefore, they tend to spend more money to keep them happy and healthy. Industry revenue is projected to increase at an annualised 3.2 per cent over the five years through 2022-23 to $2.9 billion.
Let’s have a look at this growing industry sector.
1 Only the best
For some pet owners it’s not enough to give their pets toys, treats and lots of cuddles, they want premium products for the most important furry friend in their life! We’re talking pet spas, designer clothes and expensive toys.
According to an IBISWorld report on pets and pet retailers, the industry has been expanding its range of products and services to benefit from owners’ willingness to pamper their pets. As pet owners seek out premium foods, high quality pet accessories and specialist pet care advice, they are increasingly choosing specialty pet care retailers who are leveraging trends favouring one-stop shopping experiences.
Dog and cat clothing has grown more popular, including designer lines and seasonal costumes for Halloween and Christmas. Elaborate cat accessories, such as water fountains and deluxe scratching posts, have also gained popularity. Baby boomers (with grown-up kids) and millennial consumers in particular are increasingly spoiling their pets.
There has also been rise of the pet parent phenomenon as doting pet owners increasingly grant their four-legged friends family member status. To this end, to ensure their pets’ health, happiness and wellbeing, they have been prepared to spend higher sums on thing like matching collar and coat outfits, jewellery that can be used as collars or in conjunction with collars, beds and even tepees for dogs. They are also increasingly celebrating their pets’ birthdays and giving them presents at Christmas.
2 The wellness factor
As consumers are becoming increasingly concerned with what they are putting into their bodies, this concern extends to their pets as well. According to an IBISWorld report, health and wellness trends have affected Australia’s increasingly pampered pet population, with owners taking a more holistic approach to the health and wellbeing of their pets.
Besides buying healthy treats and premium food, they are also getting more active with their four legged friends. This opens up a market for practical and stylish gear to encourage people to get out and enjoy their walk or run with their pets!
3 Sometimes small is better
Ongoing urbanisation developments will also shape future pet ownership trends. As Australians increasingly live in small units and high-rise apartments, the IBISWorld report anticipates that the number of pet fish, birds and cats will increase over the next five years, as inner-city dwellers seek low-maintenance pets that do not require a backyard.
Consumers will also increasingly favour smaller dog breeds as owners seek to downsize both their living space and pets. Furthermore, smaller breeds tend to live longer.
4 Rescue me
Lifestyle factors have also influenced where a pet is initially acquired from, with a public backlash against puppy farms affecting the purchase of pets from pet stores. A growing number of consumers are instead opting to adopt pets from pounds and animal shelters.
As most of these animals have been through a tough time, pet owners want to make sure their new furry family members get everything they need and spoil them with treats, toys and comfortable doggy beds.
5 Now you see me
Many dog owners have to leave their beloved furry friends at home for extended periods of time when they have to go to work, so they want to make sure they are safe while left on their own.
Internet-connected video cameras are popular so they can keep an eye on them and see what their pets get up to when they close the door behind them.
There is even talk of digital screen technology that allows you to talk to your pet while you are at work to keep them company!
Huge numbers of retail business owners are incorporating innovative pet products into their store and the AGHA Sydney Gift Fair has recognised this exciting trend. If you are a wholesaler or supplier of quality pet products, click here to find out how you can sell your pet brand to thousands of Australian and international retail buyers or contact 1300 441 384 or firstname.lastname@example.org to discuss your business opportunities today.