From Petfood Industry:
A new study from Pet Business Professor looks at what demographics dominate the market share of pet spending in the US.
The following groups account for 80% or more of pet spending:
- Metro area dwellers
- White but not Hispanic
- Two or more people living together
- Incomes of more than US$30,000 annually
The study identified three key takeaways for the pet product industry:
- Keep baby boomers spending money on their pets.
- Get the under age 25 group to start spending on their pets earlier.
- Look into the racial/ethnic disparity in pet spending.
The study found that almost half of the industry’s growth came from the over age 65 group. The under age 25 group was the worst of all the underperforming groups. Although the Asian group had the highest income, it spent the least on pets. Seventy percent of the white group accounted for 87% of pet spending.
U.S. PET SPENDING DEMOGRAPHICS: The 2014 Winners and Losers are....
In a recent post we identified the demographics of the 'Ultimate' Pet spending household. Unfortunately, there are just not enough of these 'prime' households. So we took the next step and bundled the subsets together for each category until we could identify a group with a dominant market share.