Source: Pet Business Professor
In 2023, total U.S. pet spending grew by $14.89 billion (+14.5%), reaching $117.6 billion. The pet supplies segment, which had declined in 2022, rebounded with a 4.9% increase, totaling $23.02 billion. The average household spent $171.08 on pet supplies, up 4.5% from 2022. However, spending trends varied significantly across income and age groups. High-income households (earning $150K+) drove 93% of the overall lift, while lower-income households spent less.
Age-wise, the 45-54 group contributed the most to the growth, with an 18.3% increase in spending. Despite rising prices, inflation’s impact lessened in 2023 compared to 2022, helping boost spending, particularly in the first half of the year. Though pet supplies spending is discretionary, certain necessary items remain essential for pet owners. As spending shifts toward higher-income households, it’s possible that pet owners are becoming less price-sensitive. This trend will be critical to monitor in 2024.
Read the full story HERE: https://petbusinessprofessor.com/petmarket/petmarketsegments/2023-u-s-pet-supplies-spending-23-02bup-%E2%86%911-08b/