Americans love their pets, and their love has reflected in the booming growth of the pet retail industry in recent years. Today, approximately 70% of all American households own a pet, with dogs by far the most popular pet. As pet owners increase their spending and care for their pets, the pet care and retail industry as a whole has seen massive growth, and we want to share this potential with future business owners. At Wag N’ Wash, our unique pet store franchise offers the perfect opportunity for individuals to take advantage of this great industry to build their own business!
Did you know that there are more households that own pets than there are those with children? There are nearly 85 million pet-owning households compared to 52.8 million households with kids. Of these 85 million pet owning-households, 60.2 million households own dogs, compared with 47.1 million that own cats (these numbers include the overlap of those that own both dogs and cats).
Not only are the numbers of pet owners increasing, but the overall care and passion for pets has elevated exponentially in recent years. According to an APPA survey, 90% of the 1,200 pet owners surveyed said, “Pets are family.” Pet owners place heavy focus on treating their pets like family members, and this translates into putting increased money and effort into treating their furry friends! The spending proves to add up, with some $72.1 billion in the U.S. recorded in 2018, up 8.1% from 2016. Pet food gets the bulk of this spending, at about 42% of the total. But pet foods are not the only sector of the industry, as individuals have increased their spending in areas of luxury such as gifts, treats, and grooming. Wag N’ Wash perfectly addresses each of these areas through our ability to offer not only natural pet foods, but homemade treats and grooming services to pamper the companion animals. When people see their pets as family members, they want to treat them as such, thus reflecting into increased spending on the betterment of their well-being.
Why the recent growth? The numbers point to the generation of Millennials. In the past couple years, millennials have overtaken baby boomers as the biggest pet-owning generation, at 35% versus 32%. As the generation ages, income and spending continue to increase for the average millennial. But it is important to note how millennials are using this increase in income and spending— this money is being increasingly allocated towards their pets. A Zulily pet survey illustrated that millennials “treat their pets like family, with 42% of pet owners saying, if given a choice, they would rather snuggle up with their pets than their romantic partner.” Not only that, but 82% also view pet parenting as preparation for having a baby, pushing them to pamper their pets as if they were their child. Other statistics show that “over 80% of millennials frequently worry about their pets when they are apart even when running short errands. Some 70% would be willing to take a pay cut if they could bring their pet to work every day. And 65% say being separated from their pet for a week would be worse that doing without their cell phones.” This devotion and passion that millennials hold for their pets simply reflect the growth of the pet retail industry, as their disposable income goes straight to treating their pets.
Overall, the pet industry has simply seen the numbers grow as time has progressed. Market research firm Euromonitor claimed that “the pet products industry reached $110 billion in global sales in 2017, with the U.S. the trendsetter and largest market by far”. Because millennials have emerged as a large driver for growth and profitability in the pet industry, experts have denoted the term “premiumization”, regarding the trend of growth in specifically specialty products for pets. Millennials want to buy products for their pets that match their own diet and lifestyle, leading to a growth for natural and premium pet foods. At Wag N’ Wash, we pride ourselves in our offering of the best natural and organic pet foods through our pet store franchise, which help meet the growing demand for millennial pet owners.
To read the original article from Forbes, click here! Interested in getting involved with the booming pet industry through a pet store franchise? Becoming a Franchise Owner with Wag N’ Wash could be the perfect opportunity for you! Visit our franchise page to learn more about what Wag N’ Wash does, what qualities a great Franchise Owner possesses, and why you should join the Wag N’ Wash family!
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