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NEW YORK - Functional pampering -- the willingness to spoil pets by providing them with the most high-end and super-nutritious products available at almost any cost - is quickly becoming one of the key drivers of the $47 billion pet market, according to new research by market research firm Packaged Facts.
The report, "Market Trends: Premium Pet Demographics and Product Purchasing Preferences," shows that the growth in the pet market is increasingly shifting toward households with premium demographics. One in three pet-owning households in the United States - or 17.4 million of the 52.8 million dog- or cat-owning households -- qualifies as a premium pet household, identified by Packaged Facts as single-person households with an income of $50,000 or more, two-person households with an income of $75,000 or more, and three or more person households with an income of $100,000 or more.
"Products for pets are being made to resemble those for humans," said Tatjana Meerman, the publisher of Packaged Facts. "Especially among aging baby boomers, empty nesters, DINKs (dual-income/no kids couples), and singles, humanization is fueling consumer demand for premium products and services, including those bearing familiar brand names crossing over from the human side."
Between 1995 and 2005, the $70K-pls "ueber owners" more than tripled their household pet expenditures to $18.6 billion from $5.2 billion. As of 2005, they accounted for more than half of total spending in three of the four pet market categories -- pet food, veterinary services, pet supplies, and pet services.
The report provides a look at the groups most likely to purchase premium pet products. It examines each group in detail and analyzes trends in product brand and retail channel preference.
Click here to purchase the report