Pet Owners Prioritize Pets' Health Over Own Expenses
Pet owners are proving to be resilient and dedicated to their furry family members, even in the face of rising prices and economic pressures. A recent study has revealed that pet owners are less likely to compromise on their pets' expenses than their own or their family's, demonstrating a strong commitment to their pets' well-being.
The pet industry is witnessing a shift in consumer behaviour, with 80% of pet owners willing to adjust their budget to afford their pets' expenses. Pet owners are becoming more price-conscious, with 78% recognising higher prices and opting to switch stores, such as Petco or Petsmart, or sizes to secure lower prices. However, brand loyalty remains a significant factor in pet owners' final purchase decision.
Pet owners are increasingly prioritising the health benefits of their pets' food, with 72% preferring these benefits to come directly from the food rather than supplements. This trend is driving the growth of the pet food industry, which is expected to expand with increasing pet adoption and ownership. Better-for-you ingredients are a particular growth area, with ingredient transparency emerging as a top priority for pet owners when purchasing pet food.
Despite economic pressures, pet owners are unwilling to compromise on their pets' well-being, with 96% considering their pets as part of their family. The pet industry is adapting to these changes, with brands focusing on better-for-you ingredients and transparent labelling to meet the evolving needs and preferences of pet owners.
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