When it comes to identifying the trends of the moment and probably the near future, it pays to look at where consumers are increasing their spending. In little more than a decade, spending by Americans on pets will have doubled from US$17 in 1994 to a projected 2004 total of US$34.3 billion. In 2003, the pet-spending total of US$32.4 billion was 60% larger than the toy industry and 33% larger than the candy industry according to an American Pet Products Manufacturers Association (APPMA) survey.
With 40 million Americans shopping for gifts for their pets in the upcoming holiday season, everything from jingle-bell collars to golden ID tags and self-cleaning kitty litter boxes will be moving from store shelves to homes shared with animals. And according APPMA COO Bob Vetere spending on pets is not expected to diminish anytime soon.
When an industry doubles its sales in 11 years, it’s telling us something. Yet impressive gains like these often seem to fly under the radar of people looking for the next big entrepreneurial thing.
Looking for a market to exploit or to sell into? How about just following the money?