It’s turning out to be a great year for the pet industry. And thanks to John Gibbons, president of A GPS For Pet Businesses, we have the numbers to show that last year also was extremely successful. His most recent report, “Pet Products Spending by Generation: Mid-Year 2017 Update,” revealed that U.S. consumers spent $45.87 billion on pet products for the 12-month period ending June 30, 2017. That was an increase of $2.41 billion (or 5.5 percent) over the same 12-month period ending in 2016.
If you’re wondering about the spending breakdown by generation, boomers still have the largest share, but it’s now less than the combined share of millennials and Gen Xers, according to Gibbons.
Said Gibbons: “Baby boomers built today’s pet industry, but they are getting old. What happens next? Most of the conversation revolves around millennials. They are obviously the future, but they are still young and a long way from spending ‘maturity.’ This means we can’t ignore the Gen Xers. They don’t get much publicity, but they are next in line to the boomers.”
It’s easy to see why spending is on the rise. There’s an amazing assortment of great products on the market for every pet category imaginable and, what’s more, retailers continue to staff their pet stores with knowledgeable employees who help educate customers on what product is the best fit for their beloved pet.
This issue is packed with products, including those appropriate for this month’s Pet of the Month, the King Charles spaniel. Be sure to check out the 50+ products in the Stockroom section, along with an additional 10 licensed products in the Focus On section. And the Trends and Products articles and Roundup listings also feature retailer product recommendations.
For those of you with a thirst for business strategy, our Management columns offer expert advice on the subjects of risk management, DIY grooming and the value in carrying aquatic and reptile supplies. In addition, valuable urban poultry advice comes from Patrick Biggs, Ph.D., a flock nutritionist with Purina Animal Nutrition.
Add to that our cover story on the industry’s role in keeping pets safe, as well as a special report on why you should keep an eye on hi-tech products, and you’ll discover that this issue continues our promise to bring you everything happening in the pet industry. Go ahead. Enjoy!
Glenn A. Polyn