Despite economic pressures, pet owners continue to spend on their pets, with companies like Chewy reporting growth. This shift shows how consumers prioritize pet care over personal indulgences, driven by pandemic pet adoptions and a growing trend among millennials to invest in their pets instead of having children. Chewy beat earnings expectations, with a rise in active customers and increased interest in its auto-ship program. Additionally, as inflation impacts prices in veterinary care, pet owners remain committed to providing quality care and products for their furry companions.
As we move into 2025, the momentum in the business has remained strong.
Shoppers have kept spending on their pets in recent years, even as they have faced economic challenges.
Many millennials are also adopting pets as they put off having kids, leaving more disposable income to spend on their four-legged kids.
Companies continue to look for new ways to cater to pet parents.
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