2023 Total Pet Spending was $117.60B – Where did it come from…?
All Industry segments had increases, driven by spending lifts by 91% of all Demogaphics!
Author Archive for: johngibbons
Entries by John Gibbons
2023 U.S. Pet Spending by Generation – Boomers Back on Top!
Millennials have the biggest lift but Boomers move back to the top in Total Pet $.
Retail Channel $ Update – September Monthly & October Advance
Sales were up for all from September and Relevant Retail’s YOY lift was 21% more than average!
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.
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!