Kids are not the only thing breaking the bank these days. Pet parents are spending significant amounts of money on their animals. According to Market Watch, pet parents on average spend $153 a month on their pets, which adds up to $1,836 a year. This spending has opened up a myriad of business opportunities in the pet sector.
45% of dog owners take their dog out for a special meal on their birthday and one in three dog owners confessed that they would spend upwards of $250 on a gift for their dog. Because of this upward growth in pet spending and pet gifts, it is now a perfect time to step into the pet game. Expanding your brand into pet products is a brilliant way to tap into this market while simultaneously getting your brand into more homes.
Studies show that pet parents are more willing now than ever to spoil their pets with dog toys and gifts, so expanding your product line into the pet category is an excellent opportunity to kill two birds with one stone. Not only are you taking advantage of this boom in spending, but you will also be creating ‘free’ brand ambassadors who are so eager to spread good things about your brand through word of mouth and social media.