NewswireToday - /newswire/ -
London, United Kingdom, 2007/09/19 - Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which spots a new trend among pet owners- ‘functional pampering’- which is driving the premium pet products market.
“Market Trends: Premium Pet Demographics and Product Purchasing Preferences” finds that functional pampering, which is the phenomenon of pet owners being more than willing to spend money to ensure that their pets have the best nutrition and products, is becoming the trend of the decade in the pet market. The report says that owners who make big money and spare no expense in caring for their pets (nicknamed uber-owners) are occupying a significant share of the $47 billion pet market.
The report identifies that one in three pet-owning households in the United States qualifies as a premium pet household. That translates to 17.4 million of the 52.8 million dog- or cat-owning households being premium. The report defines premium pet households as single-person households with an income of $50,000 or more, two-person households with an income of $75,000 or more, and three or more person households with an income of $100,000 or more.
Authors of the report have said that in the case of uber-owners earning over $70,000, household pet expenditure more than tripled- going up from $5.2 billion to $18.6 billion- in a decade (1995-2005).
In 2005, they were responsible for over half the total spending in three of the four pet market categories-pet food, veterinary services, pet supplies, and pet services.
The report highlights that while some of this growth emerges from an expanding base of high income households, it also represents a marketing success as trendspotters have tapped into premium pet owners’ enthusiasm for pampering their pets by supplying them with super-nutritious products, irrespective of cost.
Analysts point out that pet products are increasingly being modeled along the same lines as those for humans, and familiar brand names are crossing over from the human side to the sell in the pet market. Caring pet owners – especially those who are single, or older couples whose children have left home, and DINKYs (dual income, no kids yet) are among the consumers creating a demand for premium pet products and services.
“Market Trends: Premium Pet Demographics and Product Purchasing Preferences ” is available from Report Buyer.
Report Buyer product ID: PKF00086
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