{"id":11082,"date":"2022-08-18T09:48:49","date_gmt":"2022-08-18T16:48:49","guid":{"rendered":"https:\/\/tegnacorpstage.wpengine.com\/advertise\/?p=11082"},"modified":"2023-07-11T13:33:32","modified_gmt":"2023-07-11T20:33:32","slug":"the-state-of-pet-retail-in-2022","status":"publish","type":"post","link":"https:\/\/www.tegna.com\/advertise\/the-state-of-pet-retail-in-2022\/","title":{"rendered":"2022 Pet Retail Industry Trends"},"content":{"rendered":"

As the saying goes, \u201cthere\u2019s a special place in heaven for animal lovers.\u201d Thanks to the pandemic, the number of animal lovers – and pet owners – has grown as more families added loyal companions, mental health supporters, and furry friends to their brood.\u00a0<\/span>\u00a0<\/span><\/p>\n

In fact, it\u2019s not surprising that 67% of Americans own pets, which means 85 million families have at least one pet in the household. As a result, US pet owners will spend nearly $110B on their pets this year. Additionally, the total revenue of the pet store industry was $22.1b in 2021, with a projected annual growth of +1.2% by 2026.\u200b<\/span>\u00a0<\/span><\/p>\n

Pet owners are sparing no expense for their pets this year. Though pets gain a lot of goodies, this is also beneficial for those who own businesses in the pet industry as well. \u200bLet\u2019s chow down and learn more about these pet owners and how they plan to spend this money on their fur babies. <\/span>\u00a0<\/span><\/p>\n

Pet Owners as a Target Audience<\/span><\/b>\u00a0<\/span><\/h3>\n

Research from Pet Keen<\/span><\/a> shows that millennials are the largest generation of pet owners, as 35% (one in three) of all the generation has an animal at home. They\u2019re followed by 32% of Gen Z, and 27% of Baby Boomers. To top it off, roughly 65% of 16 to 34-year-olds plan to add a pet to their family in the next five years.\u200b<\/span>\u00a0<\/span>As a result, pet retailers need to focus a portion of their budget on advertising to millennials.\u00a0<\/a><\/p>\n

Pet Owners\u2019 Preferences: Keeping Pets Healthy<\/span><\/b>\u00a0<\/span><\/h3>\n

Not only have Americans become more health-conscious about themselves in recent years, but also there has been an increased focus on health and wellness for our animal companions. After all, \u200bpet owners also want to keep their furry friends around as long as possible.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

New IRI research<\/span><\/a> reveals that consumers are comfortable investing in healthy food for them but also want to ensure that their pets enjoy their meals. \u200b<\/span>\u00a0<\/span><\/p>\n