Value overrides costs in pet owners' eyes

Value overrides costs in pet owners' eyes

Pet owners switched brands to save money in categories other than pet products at a much higher than anticipated rate.
source-image
Oct 21, 2009
By dvm360.com staff

In 2008, a number of survey participants estimated that they’d spend less in all product categories—groceries, personal items, children’s items, and pet products—in 2009 by switching to less expensive brands. As it turns out, many more consumers switched brands to save money than anticipated. But, of the four categories, pet products saw the smallest switch with a mere 3 percent increase. This indicates that consumer spending on pet products has been dramatically more stable than consumer spending in other key categories—which suggests consumers are more bonded to pet products.

“No matter what the economy is doing, consumers tend to buy the best they can afford so long as they believe in the product and see the value of it,” says Karyn Gavzer, MBA, CVPM, a veterinary business consultant. “When forced to make changes for economic reasons, consumers tend to make the easy changes first. They eat out less or eat at less expensive restaurants. They buy generic commodity items, such as laundry soap or dish detergent. They buy in bulk or, conversely, in small sizes that fit their budget, and they delay big ticket purchases like cars or appliances.”

More from this study:
Pet owners are brand loyal
Number of client visits sagging
Dog vs. cat owners: Who's more loyal?
Veterinarians are the indispensible link

 

chart1

Hot topics on dvm360

Dog of Dallas Ebola patient will not be euthanized, authorities say

Health officials have quarantined and will monitor dog and amid concerns surrounding deadly virus.

Video: How to perform a belt-loop gastropexy

Prevent GDV in your at-risk patients with this simple technique.

Stretch your skills to earn more in veterinary practice

Finding new tasks could be the key to generating more income for your practice—and boosting your pay.

Veterinary community stunned by Sophia Yin's unexpected death

Prominent veterinary behaviorist died of suicide Sept. 28.

Study shows sustained salary slump for veterinary support staff

Since 2009, technicians paid by the hour have experienced a bump in pay, but pay for other team members has stayed stagnant, according to data from the 2014 Firstline Career Path Study. Here’s a look at changes in team pay from 2009 to 2013.