As a small business owner, it’s not only important to stay informed about the latest statistics and market trends — it's essential for the success of your pet shop business.
With pet ownership rates on the rise and consumer spending behaviors shifting, understanding these dynamics gives you the insights you need to stay competitive and meet your customers' ever-changing demands.
Knowing where and how your customers are spending their money allows you to tailor your offerings and marketing strategies effectively. Whether it's stocking the latest high-quality pet food, offering specialized grooming services, or creating targeted promotions, being in tune with industry trends ensures that your pet business remains relevant and profitable.
Ultimately, staying on top of pet spending statistics and trends is a strategic approach that can drive growth, foster customer loyalty, and position your pet shop as a trusted and knowledgeable hub for all pet-related needs.
10 Insightful Pet Spending Statistics
Leveraging this data, you can make informed decisions, optimize your inventory, and enhance customer satisfaction. Here are the top 10 pet spending statistics you need to know.
Significant Pet Ownership
- U.S. households owning pets: As of 2024, 66% of U.S. households own a pet — that’s 86.9 million homes.
With 66% of U.S. households owning pets in 2024, there's a large customer base for your products and services. Knowing this helps you identify the market potential and scale your business accordingly.
Rising Expenditures in the Pet Industry
- 2023 Pet industry expenditure: Pet industry expenditure in the U.S. reached over $147 billion in 2023.
- 2024 projected sales: The sales in the U.S. pet market are projected to reach $150.6 billion in 2024, with $66.9 billion allocated to pet food and treats.
The projected $150.6 billion in sales for 2024 indicates a thriving market. This growth suggests that there’s a strong demand for pet-related products, and seizing this opportunity can drive your business' profitability.
Demographic Spending Patterns
- Millennials as major pet owners: Millennials are now the largest demographic of pet owners and tend to cover their pets' costs by themselves. They also spend more annually on pet care compared to Gen Z ($1,712 vs. $1,602).
- Gen Z vs. millennials: Gen Z, with a slightly higher dog ownership rate at 47%, is more likely to prioritize pet spending over personal luxuries (26% vs. 19% for millennials).
- Gender-based spending: Single women spend an average of $647 per year on their pets (1.57% of their income), while single men spend $282 (0.56%), indicating a trend where women's spending increased from $575 in 2021 while men's spending decreased from $367 in 2021.
Understanding that Gen Z prioritizes pet spending over personal luxuries and that millennials spend more on pet care can help you create targeted promotions and stock products that cater to these demographics.
Single women spending more on pets compared to men highlights an opportunity to target products and marketing efforts toward women, who may be more inclined to spend on premium products and services for their pets.
Related Read: How To Start a Pet Store Business: 8 Helpful Tips
Sustained Pet Ownership Costs
- Average annual spending: The average U.S. dog owner spends about $2,524 per year, or $210 monthly, on recurring pet costs.
- Lifetime costs: The average lifetime cost of owning a dog ranges between $19,893 and $55,132, assuming a 15-year lifespan, averaging about $1,270 to $2,803 per year.
Knowing that the average dog owner spends $2,524 annually on pet costs helps you set competitive pricing for your products and services, ensuring they fit within the typical budget of pet owners.
The substantial lifetime cost of owning a pet highlights the importance of offering loyalty programs, financing options, and long-term care products that can help pet owners manage these expenses.
Emotional and Financial Value
- Unwavering pet value: More than a third of pet owners (37%) reported that no amount of money could make them give up their pet, while a quarter stated it would take at least $1 million to do so.
Knowing that 37% of pet owners wouldn't give up their pets for any amount of money indicates a deep emotional bond. This emotional attachment can be leveraged in your marketing campaigns to emphasize the role your store plays in enhancing the quality of life for pets and their owners.
Diverse Pet Ownership Statistics
- Types of pets owned: The breakdown of pet ownership is diverse, with 44.6% owning dogs, 26% cats, and smaller percentages owning birds (2.5%), fish (2.7%), and other pets.
This underscores the need for a wide range of products. Stocking a varied inventory ensures you meet the needs of all pet owners, not just those with the most common pets.
Bonus Pet Spending Statistic
- Global market growth: The global pet market was valued at USD 261 billion in 2021 and is projected to reach USD 350 billion by 2027, indicating significant growth and opportunities in the pet industry.
The projected growth of the global pet market indicates robust international trends. Staying informed about these pet spending statistics can help you identify new product opportunities and innovative practices from global markets that can be adopted locally.
Pet Spending Statistics Important for Your Pet Shop Business
Understanding these pet spending statistics is important for making informed decisions on inventory, marketing strategies, customer engagement, and long-term business planning for your successful pet store. By staying informed, you can better adapt to market demands, ensuring you provide products and services that your customers are actively seeking.
eTailPet offers in-depth insights into your pet store's statistics, helping you stay ahead of the competition by offering the latest and most popular items in the pet industry. Data-driven insights from eTailPet enable you to make strategic decisions about expanding your product lines, adjusting pricing, and launching targeted marketing campaigns.
Stay ahead of the curve and ensure your pet store thrives in this booming market. Discover how our point of sale (POS) system can provide you with the insights needed to drive growth and foster customer loyalty.
Schedule a demo now!
