For retailers who want to expand pet products, understanding the new pet consumption trends in 2020, mastering the hot-selling categories and market development is a straight channel to help quickly expand the business. Come and follow the footsteps of FashionTIY. By reading the article, you will get the following detailed information：
New Consumption Trends of pet products in 2020
Popular Style Trends of pet products in 2020
Market development of pet products in Europe and America
Pet product searches surged by 328%! In the “Pinterest 100 Mega Trends” report in 2020, the “Love pet economy” took the lead and became a global consumption trend, and the hot trend continued even though during the COVID-19 period. People who love pets are more willing to pay for pets. Pet products have long been expanded from pet food to pet clothing, toys, beauty, and other sub-categories. For retailers who want to expand their pet products that understanding the new consumer trends and market development in 2020 is a straight channel to help quickly expand their business.
Don’t guess the thoughts of pet owners, I’ll present a collection of pet products to help you with your pet products hot-selling trip!
New Consumption Trends of pet products in 2020
Consumer groups
The charm of cute pets not only allows a new generation of young people to surrender but it also covers almost all ages. Even parents and elderly people are difficult to parry. More and more people begin to choose pets as their life partners.
Older people: 41% of pet owners are elderly people. They regard pets as indispensable emotional sustenance and are more willing to buy higher quality products for their pets within their economic affordability.
Millennials: 32% of pet owners are millennials. They pay more attention to product quality and like to find innovative products for their pets to improve the life quality of pets. Of course, security has always been the basis for brands to gain and maintain consumer trust. In addition to daily necessities, pet owners also buy decorations for pets on festivals such as Easter and Halloween.
Consumer trends
Online shopping trends: Millennial pet owners will buy pet products for their pets online, 70% of them will buy pet food and 66% will buy other pets products.
Other pets: In addition to traditional cat and dog pets, birds, freshwater fish, marine fish, reptiles, horses, and other animals are also favored by more and more millennials, and the market potential should not be underestimated.
Consumer demand
Demand for more subdivided categories: At present, consumer products in the pet market are mainly concentrated in the fields of pet food, pet health care, pet toys, and apparel. These areas are still worthy of digging into sub-categories. In addition, consumers regard pets as family members, which is consistent with human health consumption trends. Pet health is the core of future product innovation.
Demand for brand, design, material, logistics speed: Consumers tend to buy products with exquisite workmanship and high quality. These consumptions are currently mainly concentrated in professional pet products retail stores, but this situation will be impacted by e-commerce channels in the next few years, which is also a big opportunity for many retailers.
Popular Style Trends of pet products in 2020
Pet home products
During COVID-19, as the time spent at home increased, consumers’ interest in pets further increased, and many categories showed a rapid growth trend. For example, more and more pet owners began to purchase various pet grooming and hairdressing tools to take care of pet hair; intelligent products such as self-cleaning litter boxes, automatic doors, and electronic pet fences are also favored by more and more young consumers.
Pet outdoor business opportunities
Once COVID-19 is over, many people who have stayed at home for a long time will choose to travel. Pet owners in Europe and the United States often bring pets to travel together, so in the long run, the demand for outdoor pet products is another big opportunity. For example, portable food, water bowls, trash trays that needed during the trip, and products needed during flight include seat belts, pet seats, travel beds, and even pet backpacks, etc.
Market development of pet products in Europe and America
The pet industry is developing rapidly, the US market volume exceeds $ 95.7 billion.
The pet industry has been for 100 years in Europe and America. At present, North America and Europe have developed into a large market for the global pet industry. About 69% of US households own at least one pet.
In recent years, the pet industry has prospered thanks to the continuous increase in singles and the elderly population. Euromonitor International research found that the pet industry ’s market size has grown by 66%+ over the past decade, while the global economy has grown by only 43% over the same period. In 2019, Americans spent 52 billion+ dollars on pets; most of them are used for pet food, but more than 18 billion dollars are still used for pet products and accessories.
The above shows that the development potential of the pet market is still very large, and as the best online wholesale market-FashionTIY recently put a new 1,000+ style of pet products on the shelves including Pet Jingle Bells Collar, Pet Absorbent Towel, Dog Molars Bite Toy, Summer Vest Puppy T-Shirt, etc.
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