In recent years, retailers have begun to add pet supply products to their shelves and websites. There are several reasons for this trend. First, the pet industry is growing rapidly. In the United States alone, it is estimated that the pet industry will be worth $150 billion by 2025. This growth is being driven by a number of factors, including the increasing number of households with pets and the trend of pet ownership among millennials.
In addition to the growing pet industry, retailers are also responding to changing consumer behavior. Pet parents are increasingly willing to spend money on their pets, and they are looking for convenience when it comes to shopping for pet supplies.
Increasing demand for pet products
In recent years, there has been a rise in the number of retailers that are pet-friendly. This is in response to the increasing demand from consumers who want to be able to bring their pets with them when they shop. Pet-friendly retailers have been able to capitalize on this trend by offering a more convenient shopping experience for pet owners.
One of the key reasons for the increased demand for pet-friendly retailers is the changing demographics of pet ownership. In the past, pet ownership was largely limited to households with young children. However, now there are more adults without children who own pets. These adults are often more likely to shop at retailers that are convenient for them and their pets (particularly dogs).
The "Humanization" of Pets
Pets have always been a big part of our lives, but in recent years they've become even more important. We've started to think of them as family members, and as a result, we're spending more money on them than ever before. This trend has led to the rise of the pet-friendly retailer.
Pet Friendly Retail Stores
More and more stores are allowing everyone with a friendly dog to do the shopping. Grocers and restaurants have challenging, but the trend in pet friendly retailers is growing at a rapid rate.
Pet Specialty Store Opens
There are more stores opened that just sell pet products than children's toy stores, and many mainstream retailers have started carrying more pet-friendly items to their human focused set.
Your store needs to be a destination and pet specialty does a great job with that for our pets. Consumers seem to spend big bucks on their pets (particularly dogs) at all retail environments. Pet parents are everywhere.
Recession Proof inventory
Given the prospect of a long recessionary period, investors are moving to the pet industry. Not just because they love pets, but given the fact that pet product sales have historically been recession proof in past recessionary periods. Pets are good business.
Smart retailers will adjust their portfolio to reflect this trend. Make room for more pet products and give their customers more options with pet brands that reflect their visions and standards.
So what does this mean for the future?
We can expect to see even more stores catering to pet owners, and an increasing number of products available for smart retailers to sale.
Hemp Well Partners
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