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

Blog: Election results pose obstacles for veterinary prescription law

Flip in U.S. Senate's majority may slow progress of Fairness to Pet Owners Act.

7 steps to a better relationship between veterinarians and rescue groups

A DVM in the city shares his advice to veterinary practices for working with rescues.

The war between shelters, veterinarians needs to end

Despite practitioners’ legitimate gripes, they’re hurting themselves.

Making it work: Cavanaugh Pet Hospital dedicates itself to a positive, productive shelter relationship

Watch "Moustakas" benefit from Cavanaugh Pet Hospital's partnership with Furry Kids Refuge.

Ebola-exposed dog's first test for the virus is negative

Bentley will continue to be treated with an abundance of caution for the remainder of his quarantine, while his owner has been declared 'virus-free.'