Nearly 90% of Pet Parents Willing to Adjust Budgets to Afford Pets' Expenses, Per New Acosta Group Study

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Apr 29, 2024, 09:30 ET

Two out of three U.S. households own at least one pet, creating a valuable opportunity for brands and retailers selling pet food, treats and health care products

JACKSONVILLE, Fla., April 29, 2024 /PRNewswire/ -- As National Pet Month kicks off on May 1, Acosta Group is releasing a new study conducted with its proprietary Shopper Community highlighting pet parents' shopping habits. With two in three U.S. households owning at least one dog or cat, shopping for food, treats, and health care needs for pets has become a significant part of household budgets. According to the study's findings, 96% of pet parents consider their pets part of the family, and 86% are willing to adjust their budgets to afford their pets' expenses, reflecting a valuable opportunity for retailers and brands to prioritize this audience.

"Our study validates the deep bonds people establish with their pets as true members of their families. These connections drive informed decisions on the ongoing purchases made throughout their pets' lives," said Kathy Risch, SVP, Thought Leadership and Shopper Insights, Acosta Group.

PET FOOD DIETARY CHOICEs

Acosta Group's study found that when thinking about food for their dogs and cats, 42% prioritize high-protein content, closely followed by joint care at 40% and probiotics (gut health) at 38%. Additionally, 36% of pet parents are interested in fresh, minimally processed foods and supplements. This data mirrors shoppers' personal health interests, which reflect that 41% of consumers are thinking about high-protein foods, 41% are thinking about freshness, and 41% are considering probiotics.

"We find it highly informative that when considering pet food, pet parents tend to look for many of the same health benefits that they are seeking in their own food," said Lisa Goff, Vice President, Acosta Pet Team. "This further confirms the fact that pet parents are prioritizing the health and wellbeing of their dogs and cats when making these purchase decisions."

PRODUCT RESEARCH & BRAND LOYALTY

While most pet parents get their pet food and health information online, vets are still considered the most trusted source for information related to their pets' diets and health needs. Additionally, according to 52% of dog and cat owners, they primarily rely on online research to review ingredients, packaging, shopper reviews and prices.

Brand loyalty is also key to pet purchasing decisions, with 57% of dog owners and 59% of cat owners selecting brands they've previously purchased. However, there is some impulse purchasing within the category, as 58% of millennials indicated that they are influenced by in-store promotions for pet products. Furthermore, 58% of dog owners buy treats on impulse.

According to Acosta Group data, most pet owners are turning to mass retailers, pet specialty stores and online retailers for their pet care purchases.

PET EXPENSES

Affordability is becoming more challenging, with 80% of pet parents believing that veterinarian care and insurance prices have been rising, as 82% noted the rise in the cost of medicine, vaccinations and supplements. When asked, pet parents say they are willing to pay between $2,000 and $3,000 to care for their furry family members when they become unexpectedly ill. The study notes that as these care costs rise, pet insurance is gaining in popularity.

Key Insights for Brands and Retailers

Pet parents are doing their research online prior to any purchasing trips – reviewing ingredients, reading the packaging, and making price comparisons. With this trend in mind, brands should highlight on-trend packaging that calls out fresh and natural ingredients or other health benefits. For retailers, it is important to create a truly seamless in-store and online experience to foster brand loyalty, educating associates as they also elevate successful digital experiences, create personalized marketing campaigns and develop informative social media content to drive social connections and engagement.

"These consumers are highly committed to making the right choices for their pets, prioritizing health over the cost of products," explains Goff. "Pet parents are looking for trusted and educated resources, providing brands and retailers an important opportunity to strengthen that relationship and subsequently grow their business."

Acosta Group's Pet Ownership Shopper Insights Study was conducted from Jan. 11-17, 2024, with 1,137 primary household shoppers who own dogs and cats ages 18+. Respondents are part of the company's proprietary Shopper Community.

About Acosta Group

Acosta Group is a collective of the most trusted retail, marketing and foodservice agencies empowering brands and retailers to win in the modern marketplace. By delivering transformative, commerce-focused solutions and more than 95 years of expertise, Acosta Group connects the company's partners with people at every point in the consumer journey.

Comprised of Acosta, ActionLink, CORE Foodservice, Mosaic, and Premium Retail Services Acosta Group understands and anticipates evolving consumer needs, fueling accelerated performance to connect tomorrow's commerce today. For more information, please visit Acosta Group on LinkedIn and at www.acosta.group.

SOURCE Acosta Group