Pet Economics Report (Jan. 2018)

2016 U.S. Pet Spending by Generation – The Younger Groups Step Up!
By John Gibbons, the Pet Business Professor

U.S. consumers spent $7.4 trillion dollars in 2016, up 235b (+3.3%) from 2015. Of this huge sum, $67.29b (0.91%) was spent on our companion animals. Despite increases in three industry segments, overall pet spending fell $0.46b (-0.7%) in 2016. Our initial analysis indicated that much of the decrease can be attributed to pet parents value shopping for premium pet food. This shopping behavior which is so heavily driven by price has implications for all industry segments and retail channels. In this report we will look at pet spending for perhaps today’s most “in demand” demographic measurement – by generation. Are the baby boomers starting to fade? Are millennials stepping up? What about generation X? Log into Pet Store Pro to read the full report.

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