The consulting firm Deloitte has released its 2020 Holiday Retail Survey, and not surprisingly, our shopping habits are a bit different this year, with many consumers planning to spend less and shop online more.
But one segment of the holiday shopping market is expected to do very well this year…pet products!
The combination of spending more time at home with our pets and increases in pet adoptions during the past several months has meant that more pet owners than ever are putting their furry friends at the top of their holiday shopping lists.
Here are some key findings from the survey:
- Pet products will have a 5% share of the total holiday spending, with around 50% of shoppers spending an average of $90 on pet gifts.
- A survey of shoppers found that 24% say pet products are a top gifting priority, and 15% reported that they would like to receive pet products as a gift themselves.
- When asked what shoppers plan to spend on gifts for themselves, 15% named pet products as the top item.
- Food and treats, Toys, décor and accessories, and pet services are the most popular pet items on holiday shopping lists.
- The preferred sources for pet shopping are (in order) pet stores, online retailers, mass merchants, warehouse clubs, and off-price stores.
- Among shopping options for all purchases, pet stores are a favored retailer for 17% of holiday shoppers.
The survey notes that our desire to stay safe and close to home this year will be reflected in our holiday shopping, with gifts for our pets sharing the spotlight with food, beverages, clothing, and books. Sounds nice and cozy to us!