Source: Pet Product News
A recent Packaged Facts survey highlights that Canadian pet owners are facing increased financial strain due to rising pet product costs. According to the June 2024 survey, 70% of Canadian pet owners are spending more on pet products than before, driven by inflation and price hikes. Conversely, 40% have reduced their pet-related spending due to economic pressures. Despite these challenges, retail sales of dog and cat food reached $3.9 billion in 2023, reflecting higher prices rather than increased sales volume.
Many pet owners remain committed to their pets’ well-being, often prioritizing spending on premium pet products and services, even if it means cutting back on their own expenses. Trends such as the growth of fresh, gently-cooked pet food in Canada, including products from Freshpet and competitors, illustrate this ongoing commitment. Pet owners are also seeking value through sales and loyalty programs while adjusting their spending on Veterinary and non-medical services.
Read the full story HERE: https://digitalmag.petproductnews.com/petproductnews/library/item/august_2024/4213269/