Retail Channel Monthly $ Update – September Final & October Advance
Inflation continues to slow and sales grew from September but the lifts vs 2022 were small.
Over 45 years in Consumer Products including 31+ years in the Pet Industry developing and executing successful strategic sales and marketing plans for manufacturers.
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!