What is COVID-19 Doing to Pet Retail Sales?
With the majority of states currently under shelter-in-place orders, Americans have been stocking up on the essentials – and for pet parents that means food and supplies for their furry family members.
According to a new report from Womply, an analytics company that partners with local businesses, pet stores across the country saw significant increases in revenue during the week of March 16 compared to the same time in 2019.
Sales have been up overall so far in 2020, especially in response the coronavirus news. The day after the World Health Organization declared COVID-19 a pandemic, for example, sales went up 34% compared to the same period last year. When multiple states closed bars and restaurants four days later, sales jumped to 57% over last year.
Standout states include Colorado, where sales rocketed up 137% on March 11 after Colorado governor Jared Polis declared a state of emergency. Revenue for pet stores peaked at a 191% increase on March 16 after the state closed many non-essential businesses.
As the current epicenter of the U.S. crisis, it’s unsurprising that New York has also seen major spikes in sales. Pet stores in the Empire State saw a 273% increase right before the stay-at-home order went into effect. The New York City metro area saw an even bigger effect, with a whopping 335% jump in sales in mid-March.
As for the future, the experts at Womply predict continued runs on pet stores as more areas order residents to stay at home, resulting in spiky revenue patterns.
“In general, this bodes well for pet store revenue, although their inability to restock could lead to long-term softening in revenue. If the U.S. economy goes into recession as a result of the coronavirus, all local businesses will feel the pain, including pet stores whose customers have to cut back on special treats for their furry friends,” said Womply officials.