According to the American Pet Products Association (APPA), total 2020 sales exceeded $100 billion for the first time and 69.0 million households with a dog were responsible for most of that spending.
Radio is a favorite media of most dog owners, especially Millennials and Gen Xers who owned dogs at the highest rates according to five representative 2021 consumer/market surveys from The Media Audit. The average dog ownership among Millennials was 31.5% and 30.3% among Gen Xers – and more of them listened to one or more hours of radio daily.
“With more Americans finding the companionship of pets very comforting during the pandemic, the APPA reported total retail sales increased 6.7% YOY. Pet specialty and independent retailers reported very satisfactory 2020 sales increases,” said Jill Medina, Southwest Market Manager, The Media Audit. “The table above shows Gen Zers who own a dog and who are often difficult to reach listen to radio at substantial levels.”
Additional analysis of The Media Audit consumer/market surveys supports the increase in total retail pet industry sales during 2020 and Morgan Stanley’s forecast of a compound annual growth rate (CAGR) for the next decade of 8%, compared to 3% during the past decade.
Adults 18+ who own a dog shopped for pet supplies at a local store during the past four weeks significantly more than shopping only online, averaging 37.6% and 17.4%, respectively, in the five markets. Local pet-supplies stores may still receive most of pet owners’ consumer dollars, but the other telling analysis of the data in the table below is a majority (55.0%), on average, are shopping either at a local store or online. It’s a clear indication local stores that sell pet supplies must have an online presence and, preferably, the technology to sell products and services online.
With the projected growth in the pet vertical, there will be many opportunities for pet stores, other retailers who sell pet supplies and all pet-services businesses to gain a larger share of the market. As always, those gains will require careful planning, a thorough understanding of pet owners and smart advertising and promotional campaigns – and radio can help generate store awareness and loyalty with its tremendous reach.