Fish for Broader Pet Market Profits

There’s gold from them thar dogs. And cats. And rabbits, reptiles, birds, gerbils, fish, and more, according to a Marketing Daily article based on a report from market research firm Packaged Facts.
     Retailers offering items for pets often verify an Eastern Washington University research finding: People are more willing to buy premium items for their pets than for themselves. About 80% of dog owners said they were serious about selecting healthy food for their dogs, but only 65% of the same people said they were serious about their own food selection. A few years ago, sales of designer-label pet clothing and accessories began a growth spurt.
     An explanation is that we consider our pets to be defenseless. It’s the same dynamic which helps explain why, during an economic downturn, consumers cut back more on expenses for themselves than on expenses for their offspring.
     Adults might not have as much splurge-spirit love for Henrietta the hamster as for Hank the family dog. But the Marketing Daily article says that, compared to owners of a cat or a dog, adults having fish or reptiles are more likely to also have kids around. Nearly 90% of households with a hamster include children. And for those children, there’s no question that Henrietta is worth a splurge. Just be sure you merchandise those indulgent items for pets at the children’s eye level.
     At the same time, there’s a growth in households without children. As this percentage of families with children decreases, the drive to own a pet increases. Some of the decrease comes from people staying single longer, some comes from empty nesters living longer, and some from other sources. Researchers at American Demographic reported that 92% of owners of dogs and cats consider them to be members of the family.
     Whatever your retailing line, it would benefit you to carry some products of special interest to pet owners. Almost any retailer can have at least a limited line for pets. Harley-Davidson, Ralph Lauren, IKEA, and Lands’ End have all done it. Services retailers, too, would benefit by thinking about ways to sell to pet owner markets. People board their birds as well as their dogs.
     And if it won’t work for you to allow the pet to join the shoppers in your store, develop a warm spot in your shoppers’ hearts by featuring photos of pets with their people.

Click below for more: 
Honor Those Who Love Those Pets 
Have Products & Services to Pamper Pets 
Dog Each Track for Pet Food Profits