A great year for pets

"It seems that money really is no object when it comes to the wellbeing of furry companions," as Mintel says in its new research. 60 per cent of pet owners say there is no limit to what they will spend to take care of their pet's health. 47 per cent admit they are willing to go into debt to pay for medical care.
2020 has been a great year for pets. US consumers are forecast to spend 102.2 bn dollars on their pets, according to Mintel. Over the past five years, the US market for pet care products and services has shown steady growth, up by 30 per cent since 2015, driven predominantly by spending on pet food and supplies. In 2020, total sales were expected to increase by 5 per cent over 2019. The pet food and pet supplies segments saw the greatest growth from 2019 after benefiting from a spike in sales as owners stocked up for the lockdown periods in the spring.

"A desire to maintain the health of pets and pamper them with high-quality products will keep the pet market growing slowly through the recession," said Kristen Boesel, senior lifestyles and leisure analyst at Mintel. She added that "in the short term, pet services may need to innovate with mobile, online, or in-home options to boost business, but the segment is expected to bounce back as personal disposable income recovers."
The value pets bring to overall wellbeing is apparent, as over four out of five pet owners (83 per cent) say their pet helps them stay calm during stressful times. Spoiling pets makes animal lovers feel good, too, as 80 per cent of owners say they enjoy spoiling their pet. What is more, three in five (61 per cent) believe a good pet parent buys only the best for their pet.

The majority (63 per cent) of pet owners say they are spending more time with their pets as a result of the pandemic and two in five (38 per cent) say this has resulted in a stronger bond between them. But while pets have helped consumers endure the pandemic, for many, the return to the office is inevitable. As consumers start to leave the home more and return to their pre-pandemic routines, they will worry about leaving their pets. 90 per cent of owners say it is their responsibility to make sure their pet is happy, while almost three quarters (72…