Petflation 2024 – October Update: Slows to +2.0% vs 2023
Nationally the CPI rose to 2.6% from 2.4% while Petflation slowed to 2.0% from 2.1%. Similar patterns produced different results.
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Entries by John Gibbons
2023 U.S. TOTAL PET SPENDING $117.60B…Up ↑$14.89B
All segments grew producing the 3rd biggest lift in history. Widespread demographic growth, but income continues to grow in importance.
2023 U.S. VETERINARY SERVICES SPENDING $35.66B…Up ↑$5.95B
Despite 9.4% inflation, higher incomes drove a 20% spending lift!
2023 U.S. PET SERVICES SPENDING $13.42B…Up ↑$1.05B
Spending was up 8.5% from 2022, but a 5.7% inflation rate meant that the “real” lift was only 2.7%!
Retail Channel $ Update – August Monthly & September Advance
September Total Retail Sales were down -0.03% vs 2023 – The recovery definitely slowed!
Petflation 2024 – September Update: Drops to +2.1% vs 2023
Petflation is down to 2.1% but it is still 33% higher than the 1.6% average rate from 2010>2021.
2023 U.S. PET SUPPLIES SPENDING $23.02B…Up ↑$1.08B
The spending lift was only +$1.08B (+4.9%) from 2022 but 63% of all demographic segments spent more!
2023 U.S. PET FOOD SPENDING $45.50B…Up ↑$6.81B
Spending grew by $6.81B – a new record. However the 17.6% increase was really only +6.3% when you factor in 10.6% inflation.
Retail Channel $ Update – July Monthly & August Advance
Despite below average YOY monthly increases, the slow retail recovery continues!
Petflation 2024 – August Update: Jumps up to +2.9% vs 2023
Pet prices fell -0.02% but YOY Petflation rose to 2.8% from 1.9% due to a big price drop in 2023.