Financial website TheStreet examines pet spending trends. They noticed that the pet industry enjoys growth at a time many other industries are stagnant or shrinking due to the economy. So they interviewed the leaders of several pioneering pet business concepts, including the CEO of Zoom Room.
Pet Spending in 2019
Pet spending in the U.S. reached $72.13 billion in 2018. Further, it will hit almost $100 billion by the end of this decade. Growth in pet spending began significantly outpacing all retail sales in 2004. Currently, the pet sector is growing about 50% faster than the retail sector as a whole.
The amount spent on pets averaged almost $600 per household in 2016. That’s far more than the average amount Americans are spending on sporting events, movies, video games, televisions, alcohol, major appliances, etc.
Pet owners enjoy a higher degree of home ownership than the general population. In fact, 70% of dog owners say their spending on their dogs is unaffected by the economy.
And – this may surprise you – in the past year, 80% of dog owners have shopped at smaller independent pet stores. That’s more than have shopped at big box pet chains.
For an extremely in-depth look at pet spending trends, please read our white paper on the pet industry.
How to Unleash Pet Lovers’ Spending
That’s how TheStreet titles their article. They cite experts who argue that pet entrepreneurs must understand the market they are targeting. To benefit from pet spending trends, business owners must really comprehend the logistics of their product or service.
In their interview with Mark Van Wye, Zoom Room’s CEO, Van Wye says pet entrepreneurs need to be cautious in assuming just any idea will succeed in the pet market.
You have to look a little bit within the industry to specific areas including such straightforward services as dog grooming. As long as you’re long offering evergreen services and products, you don’t have to worry.
[Zoom Room] caters to everyday pet owners who want their pets to get exercise and better training. It’s something really affordable; people can do it with their kids or significant others.Mark Van Wye, CEO Zoom Room