Get the facts to start selling in Amazon's fastest-growing category in 2019.
In February 2017, the pet industry was buzzing after Amazon.com announced their intention to grow the pet category while presenting at the Pet Industry Leadership Convention in Florida. Now, two years later, Hinge had the opportunity to visit the Global Pet Expo in person and talk to a few vendors. With our first-hand experience fresh, we are evaluating what might be on the horizon for 2019.
The ease of monthly subscriptions delivered to your door- such as large bags of dog food or kitty litter - has been beguiling customers for years. According to a survey of U.S. pet owners by Packaged Facts in 2018, 37% of online shoppers state that they are buying more pet products online, which indicates a 5% increase from the year before. Amazon subscriptions have been steadily increasing every year and just hit 101 million in January with the pet category boasting a 20% year-over-year increase. When observing these kind of great numbers, we can safely assess the profitability of this industry throughout the year and then some.
So, what has caused this jump in the pet industry? The big change occurred because Millennials control a bigger portion of the consumer population than ever before. According to the American Pet Products Association, the pet category pulls in over $70 billion a year and demographics indicate individuals are more likely to become pet owners as their financial situations stabilize after college when they enter their prime spending years. Due to these trends, Millennials now make up 35% of the pet owning population, passing the 32% held by Boomers back in 2018.
As tech savvy Millennials continue to influence shopping demographics, vendors could expect to see these trends gravitating toward online convenience. Also consider that more Millennials have pets than children with 80% of those pet owners viewing their four-legged friends as members of the family.
With the new generation preferring online shopping and the fact that they make up the largest pet owning percentage, we assess that the pet category stands to grow substantially.
Hinge is a marketplace performance agency
helping brands thrive in an age where change is
certain and fortune favors the bold.