Inflation continues to slow and sales grew from September but the lifts vs 2022 were small.
Petflation fell from 5.7% to 5.2% but it is still 1.6 times higher than the National CPI rate.
A $7.55B increase in Food & Services $ overcame a -$4.82B drop in Supplies & Veterinary so Pet $ grew $2.73B, +2.7%.
A record $7.82B lift in 2021 was followed by a -$2.95B drop in 2022, but spending is still up $4.87B (+19.6%) from 2020.
2021 had a record $2.21B increase in spending but the record didn’t last for long. In 2022 the $ were up $3.26B!
As usual, sales were down from August. Inflation is slowing for most channels but so are sales increases. Overall, the situation is a little better but the results are mixed at the channel level.
In September, Petflation slowed to +5.7% vs 2022 but it is still 1.5 tiimes the national rate!
The 2021 binge buy was not repeated so the $ fell 7.8%, but 52% of 96 demographic segments still spent more.
Pet Food spending increased 12.5% in 2022, but 82% of the lift came from higher prices!
“Real” sales for Relevant Retail have now been positive for 3 of the last 4 months!