With the economy recovering and more people living alone or in their golden years, the pet industry is set for a very profitable next four years, says Melbourne retailer Coops and Cages.
Carlton, VIC -- (SBWIRE) -- 02/09/2015 -- The pet industry is poised to profit handsomely in the next four years until 2019 due to ever-increasing pet ownership and more expensive purchases, thanks to improving economic conditions. This prospect has gotten pet retailers keyed up on perfecting their products and services to create premium items and amenities that pet consumers expect in the market. Melbourne-based pet enclosures specialist Coops and Cages confirms this emerging trend, noting that as incomes rise with improving economies, more and more pet owners now prefer to shop at retailers that offer the best, even if more expensive, products and services.
The primary driving trend of all other trends currently prevailing in the pet industry is humanised pet ownership. Increasingly, people see their pets as members of the family, which has led pet owners to give more importance to the human-animal bond, as well as to become increasingly concerned about pet health. The humanisation of pets has led to the demand for better pet products and amenities, giving rise to the premium pet product shopper. Australian research company, IBISWorld, identifies this trend as a strong driver of growth in the industry at present. More and more pet owners agree to spending extra for products and services that contribute to the wellness of their pets. A portion of pet owners prefers shopping at retailers with the best products, even if these shops are more expensive. In America, the baby boomer population comprises a significant portion of pet owners. Still, pet ownership is increasing across the world, says IBISWorld, notably among single-person households and Generations X and Y, the latter of which refer to their pets as "furry babies."
Apparently, the trend in premium pet products has taken hold. The 2015 Consumer Electronics Show has unveiled a "new breed of connected technology" aimed at consumers looking to bring pets digitally up to speed. Among the techie pet products featured on the show are various electronic monitoring systems that enable an owner to track a pet via GPS and live-stream video or interact with their furry baby via remote microphone or built-in laser. Petnet also unveiled on the show its spin on the pet food dispenser, which Petnet endowed with robotic properties, still in the name of pet food control. Released months before the show, however, was PetChatz, a video conferencing system that allows owners to video chat with their dogs and release scents and treats, as well as allow dogs to call their owner by barking at the sensor. Nevertheless, the U.S. Pet Market Outlook 2014-2015 comprehensive report says pet food remains as the highest selling pet product. Pet owners are now patronising premium brands even during harsh economic times, generally regarding expensive pet food as the healthier option in the market.
In the pet services niche, pet resorts, doggie suites and even cat cafes are all the rage. The Pet Paradise Resorts in Florida, which has multiple branches in four states, and closer to home, the Hanrob Pet Hotel in Melbourne, offers accommodation by the airport for pets of jet-setting pet owners. Meanwhile, the Cat Cafe, a Purina ONE-funded coffee shop in New York, has taken the first step towards creating cat-friendly bistros, which have been dog terrain for years. Cat cafes have long been a thing in Japan and, more recently, in key European cities. As the pet industry thrives, small businesses are expected to target niche markets to set themselves apart.
IBISWorld estimates industry pet revenue to increase annually at 2.3% to US$17.6 billion in the four years to 2019. Jordan Walker, pet enclosures expert at Coops and Cages, receives this four-year projection warmly. "We at Coops and Cages care about the forecasts and are completely expecting a positive turnout for pet businesses in the next five years. Then again, this is not a time for complacency among retailers but for increased product innovation and development. We pet products merchants should make full use of the pet industry's golden age."
About Coops and Cages
Coops and Cages is a Melbourne-based dealer of high-quality pet enclosures that wants you and your pets happy. They offer 100% money back guarantee and free postage on all products. For inquiries, contact Jordan Walker at info@coopsandcages.com.au, or through the Coops and Cages official Facebook, Twitter, and Google+ accounts.