Leslie May is the founder of Pawsible Marketing. Each year, due to her vast research and influence in the pet community, she submits an annual blog post. This year it is entitled, ‘The Top Pet Industry Trends of 2013.’ The report is meant to help pet industry producers, product and service providers and merchants obtain valuable information to further plan their business around these trends and to brand and market strategies for 2013 and into the future.
The trends will reveal shifting demographics, consumer changes and will compare overall and specific changes to the products and services reported on. Ms. May also covered pet industry marketing oriented trends for 2013.
What this report discloses is that although the pet industry has remained pretty stable during this recent downturn in the economy, it has historically been recognized as a high growth market. Currently this trend is beginning to mature.
This comes on the cusp of the closeout of 2012. Last year displayed itself as a year of movement, transition and gradual growth. There were more consolidations and acquisitions due to brands transitioning from one pet industry sector into more routine pet brands.
Data such as this help the consumer grow perceptibly. They are able to make more informed, educated decisions as opposed to being impulsive. Also trends are changing because the type of consumer is changing; from the baby boomers to GenX and Millenials (or otherwise referred to as GenY). The way that the information is gathered encompasses technological influence. Technology also influences the way that marketing budgets are disbursed and business is conducted.
Until now the ‘humanization of pets’ primarily contained within the baby boomer generation will not sustain the pet industry going forward. There will have to be big changes to the industry in order for it to maintain its market share; both in marketing and development.
The report includes facts and figures from the AVMA (American Veterinary Medical Association) that appeared in their Sourcebook under the '2012 Pet Ownership Demographics' section. The current state of the economy was touched upon as was the shifting change of consumers. Where the Baby Boomer Generation made good, conscious, constant decisions about products, GenX and GenY tend to have a shorter attention span and are not as loyal to brands.
All of this proves that changes need to occur in order for the pet industry to remain competitive. It is now a consumer-driven economy! The new consumers will be looking for quality over quantity as well as healthful and green products. The growing lifestyle changes and technological aspects are taken into consideration.
There is a current trend in toys and healthier food and treats. Pet insurance, it seems, will be more of a consideration because of mounting veterinarian rates. The AVMA has been doing studies on that; pet wellness exams were not being carried out, so a large study was conducted, beginning last year, and pet insurance was definitely being looked into.
Going forward the trend is leaning toward an expectation economy. Those resistant to change may or may not survive.
Pet ownership is beginning to flatten. Organizations dealing in the pet market must change or not survive. Check out the Pawsible Marketing trend report to find out all of the specifics. For full information, go to http://www.marketingmypetbusiness.com/2013/01/top-pet-industry-trends-for-2013.html.
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