With the stress and unexpected health precautions Americans faced in 2020, individuals were more focused on their pets than ever. According to the APPA’s 2020 State of the Sector Report, pet industry sales surpassed $100 billion for the first time. This spending tidal wave is projected to persist. Morgan Stanley predicts that pet sector expenditure will almost quadruple by 2030.
A substantial financial investment for pet owners and the following trends suggest that the investment will only expand. If you want a new dog, this information should help you budget for the expenses that come with being a good dog owner.
Contagion of COVID-19 : Almost half of new dog owners claimed the epidemic affected their choice to have a dog. The percentage of U.S. households with at least one dog (69 million) climbed from 50% in 2018 to 54% in 2020. Millennials are the most dog-owning generation, but Gen Z is catching up fast. As a consequence of the epidemic, more people stay home throughout the day, increasing from 32% to 39%. Online pet purchases climbed almost 20%, reaching 86 percent. Before the outbreak, 60% of pet owners bought pet supplies in shops. During the epidemic, 41% of shoppers went out in person, while 80% of dog owners purchased food online.
Breed Trends in Dogs : The Labrador Retriever, French Bulldog, German Shepherd Dog, Golden Retriever, and Bulldog were the AKC’s most popular breeds in 2020. The proportion of dog owners with purebred dogs has remained steady at 56%. Male dog owners own more purebred dogs, whereas female dogs own more mixed-breed dogs. Millennials prefer purebred dogs, whereas Gen Z and Gen X prefer mixed breeds. The Northeast and South have a more significant proportion of purebred dogs.
Pet Care Costs Rise : More than 90% of respondents brought their dogs to the vet in recent years. More dog owners (36%) now depend on their veterinarian for dental care. Around 80% of owners said their dog was spayed or neutered. The percentage of dog owners who give their pets medicine rose from 63% to 70%. Owners of big dogs had the most effective rate. Over a third of dog owners bought CBD products for their pets, namely treats and shampoos, to treat anxiety, stress, arthritis, and pain. Dog health insurance is now one-fifth of dog owners, up from 15% in 2018.
Training and Safety Products : In 2020, 73 percent of dog owners reported utilizing some training technique, up from 57 perce nt in 2018. The number of individuals taking their pets to obedie nce training increased somewhat. The number of dog owners who use a crate has risen from 43% to 50%. Electronic pet tracking systems are becoming more popular. Nearly half of dog owners use one.