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by Mary Beth Portuese on 1.5.2011 in Strategic Planning, Trends + Surveys 0

At Brighton, it’s our business to know our clients’ businesses. Having multiple clients in the pet market, we must always have our finger on the pulse of this ever-growing and exciting industry.

Decade to decade and millennia to millennia, one belief has continued to prevail throughout the years: the value of family. Yet, the definition of family has modified, expanding to include step-families, extended relatives and even our furry friends.  Just like our human family members, we try to cater to our furry friend’s needs, for example purchasing a special sweater to keep Fido warm, grooming Fluffy regularly to prevent hairballs, and scouring store shelves for the right natural pet food.

As 2011 approaches, consumers should expect to see an increase in pet spending, and even more specialty pet products available at big box and one-stop shops.  With the American Pet Products Association projecting consumers to spend about $10 billion on their pets this year, smaller stores must truly strive to understand the desires and motivations of their consumers to differentiate their offerings from larger grocery and big box retailers.

Getting more bang for your bark. Because every family member is feeling the squeeze of the economy, consumers are demanding more value for their money than ever before. That’s why discount shopping is hugely popular for many everyday household items, including pet supplies. Big box stores are now carrying bulk and specialty pet items at a discounted rate to meet consumer demands for high quality products while still offering a shrinking price tag. However, pet specialty shops offer pet spenders a unique perspective with more knowledgeable staff and a wider selection of goods. Many shoppers also value the impact of shopping local and the relationships built with storekeepers. Whether a value shopper or a shopper who values the personal experience, you are sure to find options that will meet your needs in the coming year.

Big retailers are going to the dogs. Many retail superstars, like Old Navy and Paul Mitchell, are offering a pet line, where consumers can shop for everything from toys to clothing to grooming products for their pets. Consumers, who typically shop at these stores for their two-legged family members, can now skip the extra stop on the way home and simply pick up their four-legged kids’ needs at the same time.

Growing older together. As the first members of the Baby Boom reach age 65 in 2011, older pet parents are seeing their pets age as well and realizing the need for specialty products that meet those age-specific requirements. As such, the pet food and treat industry continues to cater to aging pets’ changing nutritional needs.

Celebrating man’s best friend. According to TV personality Roger Caras, “Dogs do not make our whole life, but they make our lives whole.” That’s why it’s no surprise that Americans spend about $5 billion on holiday presents for their furry friends, as posted on the Pet Finder website. Today’s pet parents are looking to buy presents that are great in value but also provide fun all-year long.  It is important for pet parents to find ways to spoil their animals, while still spoiling themselves by giving gifts that are fun for Fido but light on the wallet.  That’s a win-win for pet parents and pets alike in the coming year.

According to the Chinese calendar, 2011 is the year of the rabbit. I think it is perfect that a furry family member is taking center stage in so many ways this year.  As we look ahead to the coming year, I am confident that the pet industry will continue to maximize opportunities for new growth.

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