The landscape: While discretionary sales of pet products suffered in the first half of 2022 due to inflation, sales of food and wellness products remained strong.
Zoom in: Here’s how the second quarter treated some of the major petcare players:
Balancing act: Consumers are still figuring out how to prioritize their spending.
Loyal to the bone: Returning customers are the key to success for pet food retailers, especially amid economic uncertainty.
The outlook: We forecast that US retail sales of pet products will reach nearly $70 billion in 2022, a 3.6% increase over last year. While gains may be modest, especially as consumers regain their financial footing, growth should remain steady.
One tip for success? Lean into customer loyalty and put pet health and wellness at the heart of your messaging.
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