We all want to read the minds of consumers to gauge what’s most important and why they buy what they buy. During a recent Trending: Petfood Podcast, host Lindsay Beaton and Kathy Risch, senior vice president with Acosta Group, delved into the topic and explored the evolving landscape of pet food purchasing.Their discussion highlighted the growing bond between pet owners and their pets, their priorities when selecting pet food and supplements, and the industry’s trajectory toward health-focused innovation. As economic pressures shift consumer habits across various sectors, Risch provided valuable insight into how pet owners balance brand loyalty, ingredient transparency and budgeting without compromising their pets’ well-being. Here’s a deeper dive into the trends shaping the pet food industry today.Q: Are consumers starting to cut back or compromise in their pet food purchases?Risch said consumers aren’t willing to give up a lot, noting 96% of dog and cat parents believe the pet is part of their family. “The bond is so strong with their pets; dogs and cats are part of their family,” she said. “They’re willing to adjust their own budget to afford their pet expenses. They are more willing to spend on their pets and less willing to compromise, versus themselves or their family.” Q: Is this something that is being seen in other industries? People compare the baby segment to the pet segment a lot, just because of terms of flexibility and willingness to compromise. Are there any other industries that you’ve researched where people seem more willing to hold fast than to compromise? Risch stated she didn’t have the statistics for baby care, but eight in 10 pet owners are willing to adjust their budget to afford the expenses of their pet. “The interesting thing about the pet category is it’s a bit more challenging to trade down to find the right brands, the right products, and be able to make the compromise. I would say the same thing about baby care… Baby care is something that’s riskier to switch and change. That’s the same thing with pet care,” she said.Q: Are there any places where consumers are starting to cut back?Pet shoppers are recognizing the higher prices and they’re going to cut back to lower prices where they can. Risch said, “Whether that is trading to a different store where they might find a better price point or to a smaller size package, there is some shifting.” She said that pet owners are beginning to have only a moderate concern for prices and are used to the higher prices now.Q: What is top of mind for owners when purchasing pet food? Risch shared that during their research, it was found that there is similarity between how people shop and make decisions for their pets. “Overall, one of the most important areas they’re focused on in terms of a pet product is ingredients,” she said. “Before they even buy a particular pet food or treat, they’re researching. They’re looking at what’s in the
Dom. Dic 22nd, 2024
