Analyst Actions

The pet economy is strong and pet parents are willing to splurge

In 2018, Americans spent $72 billion on their pets. The power of pets in the economy is strong and pet parents are very willing to sacrifice and splurge for what some call their “fur babies.” Businesses can create policies, host pet-themed meetups, allow leashed pets inside, provide water, or create a space for pets to wait while owners run inside. If you can’t welcome pets into your business, partner with local rescues or encourage employees to volunteer. Participating in a pet-friendly business will encourage more people to go out and visit, allowing them to spend the necessary time with their pets while getting their shopping done.  By developing products and policies centered around pets, companies can show that they care for all of their customers whether they stand on two feet or four paws.

A pet-owner can now match their Chaco sandals to the pet’s collar or can spread out on a mattress by giving their puppy a bed adapted for them by Casper. Multiple businesses have embraced pet culture by modifying products designed for people, and turning them into products for pets. A step further than creating products specifically for pets could be becoming a pet-friendly business where customers can comfortably bring their pets along. A growing number of retailers are understanding that customers are willing to spend more time and money when it comes to their pets, welcoming pets to their stores as well as outdoor patios and drive-thrus. Being pet-friendly could unlock a new contingent of loyal customers. When purchasing a product, most Americans consider the company’s values. And when companies support the topics that customers care about, people feel 92% more positive, 87% more trusting, and 88% more loyal towards that business.

Pets are important parts of the customer’s life and can be important to your business and the economy as well. Learn more about the power of pets and how your business can become pet-friendly with the infographic here.

The Power of Pets

Sign up for our next MicroCap Runner ahead of the crowd!
We hate spam. No Hidden Fees. Unsubscribe Anytime.
The pet economy is strong and pet parents are willing to splurge
Click to comment
To Top