SIT, STAY, READ PRIORITIZING PET SPENDING A 2023 survey by MarketPlace revealed pet supplement shoppers would look to their own spending before considering cutting costs on pet products. What costs would you cut first to reduce overall monthly spending? Entertainment Apparel Food (for people) Transportation Healthcare Pet-related expenses 64% 38% 19% 8% 5% 3% pet spending by demographic A report by MarketWatch suggests older pet owners, women, and those living in the Western United States spend more on their pets than the average pet parent. Generation Gen Z Millennials Gen X Baby Boomers Silent Generation Average annual pet spending % of income $369 $679 $949 $842 $495 .83% .74% .81% 1.07% 1.18% US region Average annual pet spending Northeast Midwest South West CHANNELING SAVINGS According to a survey of 700 pet owners by Vericast, 37% of pet owners are seeking discounted pet products, and 28% are leveraging loyalty programs to save money on their pets. % of pet owners and where they shop for pet products Pet specialty big box stores 32% General big box stores 30% E-commerce 20% Local, boutique pet stores 13% Other 5% 98 PET FOOD PROCESSING | November 2023 | www.petfoodprocessing.net $803 $691 $636 $1,046 % OF PET OWNERS Images: ©Doglikehorse, Photoguns lovelyday12 - stock.adobe.comhttp://stock.adobe.com http://www.petfoodprocessing.net