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Marketers Scramble for Footing as Pet Owners Shop Around, according to Packaged Facts
Pet product marketers and retailers must re-evaluate their strategic options to respond to an increasingly competitive marketplace.
That's because pet owners are shopping around, says David Sprinkle, publisher of Packaged Facts. Data from Packaged Facts' September 2011 Pet Owner Survey data show that nearly half (47%) of pet product buyers shop for these items at a variety of stores. Additional Experian Simmons data cited in the report show that the percentage of dog or cat owners who are channel-loyal -- shopping for pet products in a single retail channel -- fell to 41% in 2011, down from 53% as recently as 2006.
Over the long term, according to Pet Product Retail Channel and Consumer Shopping Trends, three factors have greatly intensified competition:
There is still a strong upscale element to the pet market, of course. But in the wake of the "premiumization"
Even so, the pet market's strong prospects continue to attract new players, expanding the range of retailers vying for a slice of the pie. The players newly flexing their muscle include private label, further complicating strategies and options for traditional national brand marketers. Packaged Facts survey data show high levels of affection for store brands among pet product buyers, 49% of whom are buying more store-brand food and beverage products for household use these days, and 45% of whom agree that "store-brand pet products are often as good as national brand name products."
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About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods (including foods and beverages, health and beauty care, and household products), and pet products and services. Packaged Facts also offers a full range of custom research services. To learn more, visit: www.packagedfacts.com. Follow us on Facebook, LinkedIn and Twitter.