With the majority of global consumers considering pets to be part of their family and concerned about their pets’ looks, there are increasing opportunities in luxury goods for pets, says GlobalData, a leading data and analytics company.
According to a GlobalData consumer survey, 77 percent of consumers worldwide consider their pet(s) to be a member of their family, with 55 percent of global consumers stating that the appearance of their pet(s) is either very or quite important.
“Indulging pets has been a popular concept for years, where owners want to give their pets the best quality products that are functional and essential to caring for an animal, even if these products were at the luxury end of the spectrum,” said Mayu Teevan, consumer analyst at GlobalData “Increasingly, people are delaying having children, which creates more financial freedom and fewer time constraints, ultimately driving the pet humanization trend.
“Now, even if a product or experience holds no true functionality, consumers want to treat their pets, mirroring how consumers buy products for themselves as a reward based on desire, and not necessity,” Teevan continued. “Some luxury products can be seen by the owner as enhancing their relationship with their pets, by being able to share the same experiences…”