2023 Pet Products Spending was $68.52B – Where did it come from…?
Driven by a record lift in Food, Pet Products had the 2nd largest spending increase in history!
Author Archive for: johngibbons
Entries by John Gibbons
Retail Channel $ Update – October Monthly & November Advance
November was the 2nd largest Retail $ month in history but the YOY lifts slowed from October.
Petflation 2024 – November Update: Jumps Up to +2.9% vs 2023
Petflation jumped from 2.0% to 2.9% as the recovery paused again.
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!
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%!