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25th August 2006
Trends in Dog Owner Spending
Spending on pet related services is expected to exceed $25 billion by 2010, up from just over $18 billion in 2005 according to a new survey.
Leading the way is veterinary services, accounting for 75% of the pet services market, with training and grooming expected to be the fastest growing segments according to a new study from Packaged Facts, a division of MarketResearch.com.
The study attributed PetsMart’s and Petco’s emphasis on pet services as the driving force for this growth. Both chains are growing quickly with more of their stores offering grooming and veterinary services.
Facing increased competition from Petsmart and Petco, veterinarians and dog groomers are increasing their marketing efforts, increasing the awareness of these services and offering more specialized services.
Another great influence in the growth of pet related services is American’s lack of free time. Increased commutes and longer work days have created a boom in services such as pet sitting, dog walking, and doggie daycare.
The study forecast in-home services as one of the fastest growing segments in the pet industry because of American’s time crunch and the increase in the number of elderly Americans.
Additionally the phenomena of “convenience pets†is seeing more and more in-house pet related pet services popping up. The theory behind this is that Americans influenced by people like Paris Hilton and her dog, want well-groomed and well-trained dogs, without taking the time to do the grooming and training themselves.
Over the next five years pet services are expected to grow at an annual rate of 6.8%, with training leading the way with a growth rate of 8.4%. Veterinary services are expected to grow at a rate of 7% per year and grooming 6.6% per year.
Factors contributing to the growth in veterinary spending include the increasing costs of pet medicines, advances in veterinary treatments, and the willingness of pet owners to spend money to preserve their pets’ health.
And it turns out that pet owners themselves are contributing to increased veterinary spending by overfeeding their pets. There is an increase in the number of pets suffering from obesity-related health issues like diabetes and joint problems.
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