US DOG, CAT OWNERS SCRIMP ON THEMSELVES BEFORE PET FOOD
Source: Pet Food Industry (Extract)
Posted: June 04, 2024
Some pet owners have had to change their lifestyles to support their cats, dogs and other companion animals.
While the inflation rate for pet food has decelerated in early 2024, this hasn’t necessarily resulted in reduced prices; rather, the rate of increase has slowed down.
As a result, some pet owners have had to make adjustments to their lifestyles to continue supporting their cats, dogs, and other companion animals.
According to John Gibbons from PetBusinessProfessor.com, pet food inflation decreased by 50% compared to the national consumer price index in April. Specifically, overall pet food price inflation dropped from 3.8% in March 2024 to 1.7% in April 2024, as reported by Petfood Industry in a previous article.
However, despite the decrease in pet food prices on store shelves by 0.2% in April compared to March, pet owners still grappled with higher costs to provide for their companion animals compared to previous periods.
According to a survey conducted by MarketWatch Guides, 60% of pet owners acknowledged that affording pet ownership had become more challenging. The rising costs have led to adjustments in pet owners’ spending habits, with 77% of respondents indicating changes to accommodate pet-related expenses. Nearly half (49%) of the respondents reported reducing personal purchases, such as clothing and beauty products, to meet their pet-related financial obligations.
Interestingly, pet owners appeared more inclined to cut back on their own food expenses rather than their pet’s food. About one-third (31%) of pet owners in the MarketWatch survey admitted to avoiding restaurants and takeout purchases. In comparison, 19% mentioned compromising on the quality of their pet’s food. Additionally, 11% of pet owners revealed considering relocating to areas with lower living costs to manage their pet-related expenses.
Pet ownership and inflation survey
The MarketWatch Guides Team conducted a survey of 1,000 pet owners using Pollfish, a third-party market research and survey platform, to assess the effects of the rising cost of living on pet owners. The survey data for this report was collected on February 28, 2024. Among the respondents, 79% were dog owners, while 59% owned cats.