While the pet food industry has inarguably shown itself to be resistant during shaky economic times, pet owners are still being affected by financial challenges.
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Pet-owning households all over the world are in a quandary: While firmly planted pet humanization has owners looking toward the premium end of pet products, a consistently down economy and a year of record inflation have set nearly everyone back in terms of spending. Nevertheless, data show that those with furry friends still want to spend on their animals … they just want to do it more thoughtfully.
“In a post-COVID economy, adapting to consumer choices regarding discretionary spending, particularly in investing in premium pet food, presents a notable challenge,” said Nick Braden, vice president of pet nutrition for Wilbur-Ellis.
