Page 8 - SouthEast Marketing Fall 2018

Pet StuffFur baby spending on the rise!By Robin Kert11 Dog scarf by DEI 2 Cat tea towels by DEI3 Mugs by Pavillon 4 Memory urn by Angel Star 5 Sympathy book by WellspringHere’s some exciting news for retailers. The pet product industry has tripled in the last two decades. It is currently growing faster than any other retail category. Selling dog food and rawhide bones is most likely not right for your store. It’s best to concede that business to Chewy.com and PetSmart. But there is ample opportunity for gift and lifestyle retailers to be part of this growth story.In the last 3 years pet-related purchases grew from $58 billion to approximately $70 billion in 2017. What’s driving this increase? The main factor is that millennials are delaying having children and instead getting pets. And they are splurging; spending unprecedented dollars on their fur babies.Here is another important statistic. 27% of the US adult population are millennials and these fur loving young people are just starting to reach their peak spending years. Boomer parents connect withtheir animal loving millennials by acknowledging the importance of their “furry” grandkids.For many Americans, being a dog person or a cat person is animportant part of their identity.A whopping 60% of all Americans have one or more pets! Close to 50% of all households own a dog, and cat ownership is approaching 40%. Need more evidence that this is a business on the rise?Gift Shop, a leading trade publication will be introducing a new Gift Shop Pet magazine in June. They will be mailing it with their Gift Shop publication and handing it out at summer shows.What does this all mean for the gift and lifestyle shops? Have a selection of products in your store that speaks to dog and cat lovers. Just because a vendor puts a dog or a cat image on a widget, does not guarantee that it will be a good seller. But innovative products that express the affection8 SOUTHEASTMARKETING 2018