While no one can truly predict the future, the majority of pet owners anticipate that necessities like food and healthcare will rule their budgets in the next year, according to a recent report.
The survey, conducted by digital media and promotions technology company, asked 1,000 pet owners about their shopping habits and the impact of COVID-19 on their habits. More than one-third of respondents (33%) reported adopting a pet during the pandemic. Millennials made up the biggest portion of adopters with 43% adding a new furry, four-legged member to their family.
“With the adoption of furry companions during the pandemic, we found interesting consumer purchase trends for food, gifts, treats and more,” said Steven Boal, CEO of Quotient. “These animals have already and will continue to influence consumers’ purchasing behavior long after the pandemic is over. This provides retailers and brands with the opportunity to identify and provide value for the ongoing needs of their customers—and their pets.”
The survey results show that a whopping 84% of dog and cat owners expect to spend the most on food. Most pet parents will spend that on standard dry or wet food, with 80% reporting that is what they feed their pets. About 17% said that they cook for their pet while 16% usually buy gourmet and/or subscription food services. Younger generations (21% of both millennials and gen Z) are the most likely to splurge on premium selections.
In addition to the staples, many owners also plan to show their affection through gift giving. Almost half (42%) said they plan to buy their pets a Christmas gift while 40% said they will give their pet a present on their birthday. Another important milestone worth celebrating is “Gotcha Day” (adoption anniversary), which owners plan to spend an average of $87 on.
You can read the full survey findings here.