The pet industry is a lucrative market just waiting for more companies to tap into it.
In the United States alone there are 180 million households that have pets. That is 68% of households that are not holding onto their pocketbooks too tightly. With an annual average spending of over $80 million, which is a growth rate of over 5.4%, the pet industry is an excellent way to reach pre-existing consumers and new consumers. Not to mention that industry job growth is also on the rise at a rate of 11%, indicating that this spending is also only going to continue to increase.
Widely renowned brands saw a major spike in engagement when they marketed toward pet audiences. When dealing with pet audiences, Sotheby’s saw a 93.6% increase in brand engagement. Engagement goes one step beyond awareness in the direction of tangible sales. When targeting pet audiences, Pabst saw a 71.95% increase, EventBrite saw a 47.72% increase, and Coca Cola saw a 36.35% increase. This increased engagement gives you a chance to create a long-lasting, meaningful relationship with your audience. Expanding your brand into the pet industry can be instrumental in getting new and old target markets to interact with your brand more.