How Inflation is Forcing Pet Owners to Make Heartbreaking Choices
When Financial Strain Threatens Beloved Pets' Well-Being and How Businesses Can Help Struggling Pet Owners
Inflation has seeped into our daily lives, hitting us where it hurts the most – our beloved dogs and cats.
Pet owners are facing high costs that are causing them to struggle financially. As a result, some are choosing to purchase lower-quality pet food, while others are unfortunately surrendering their pets to shelters due to their inability to afford their care.
By diving deep into the voice of the customer, pet-oriented brands, businesses, and retailers can dive deeper into the specific difficulties pet owners encounter and develop plans to engage with, successfully include, and meet the needs of pet-loving customers.
Voice of the Customer: Key Insights on the Impact of Inflation on Pet Owners
The numbers tell a heart-wrenching story.
In March, the cost of pet food for Americans increased by 14.4% compared to the previous year, a much higher increase than that of other consumer goods and grocery prices.
Last year, more than 110 million households in the United States spent approximately $680 on pet products, an 11% increase from the previous year. This increase in spending can be attributed to inflation, which resulted in fewer pet products being sold by retailers in the previous year.
Not only that, but unfortunately, veterinary pricing services are also on the rise.
Waggle, a crowdfunding platform for pet medical expenses, has seen a 30% increase in postings for help with medical bills $250 and under.
Forced to juggle their finances, pet owners are cutting back on their own needs to ensure their furry friends remain well-cared for. Additionally, these soaring costs have triggered a surge in pet surrenders and abandonment.
The Animal Rescue League distributed 146,000 pounds of pet food in 2021, a significant increase from previous years.
Shelters are overwhelmed with pleas to rehome pets, while pet food pantries struggle to keep up with the demand. The escalating prices stem from the rising costs of ingredients and inputs for pet products.
According to Karinna Lozano, Board President of Meridian Canine Rescue, more dogs, even "easy" senior dogs, are being surrendered due to financial hardships caused by inflation and housing expenses.
With financial constraints pushing pet owners to the brink, these platforms prevent the heartache of surrendering pets or choosing euthanasia due to the inability to afford necessary care.
Responding to the Voice of the Customer: Solutions and Support for Pet Owners
Recognizing the challenges faced by pet owners enables businesses to develop targeted support and meet the needs of their pet-loving customers.
Here are additional actionable tips and strategies for businesses that cater to pet owners:
Budget-Friendly Choices
Introduce a variety of pet products and services at different price points, ensuring customers can access affordable options without sacrificing quality.
Loyalty Programs and Discounts
Establish loyalty programs and offer exclusive discounts to reward frequent customers. This can help pet owners save on regular purchases and encourage them to continue shopping with your business.
Product Bundling
Create bundles of complementary pet products and services at a discounted rate.
Packaging items together allows customers to save money and access a complete pet care solution.
Online Resources and Education
Develop online resources and educational materials to help pet owners make informed decisions about pet care.
Provide guidance on budgeting for pet expenses, choosing cost-effective products, and navigating veterinary care.
Customized Advice and Support
Offer personalized consultations or support services to help pet owners find the best solutions for their unique needs.
By understanding their specific circumstances, your business can suggest tailored products and services that cater to their financial situation.
In-Store Financing Options
Explore partnering with financing companies to offer in-store credit or financing options for high-cost pet products and services. This can help make expensive purchases more manageable for pet owners on tight budgets.
Partner with Pet Influencers
Collaborate with pet influencers to raise awareness about affordable pet care options and share tips for managing pet-related expenses.
Influencers can help your business reach a wider audience and provide valuable insights from their own experiences as pet owners.
Listening to the Voice of the Customer
By genuinely listening to the voice of the customer and grasping the impact of inflation on pet owners, businesses in the pet care industry can better address their customers' needs.
During difficult times, businesses must prioritize pet owners by actively listening to their feedback and taking decisive action to adapt their strategies. This is crucial in providing the necessary support and care to those in need.
Have you or anyone you know had to make sacrifices for your beloved pets due to rising costs and inflation? Would love to hear your stories.
Quy Ma is a seasoned expert in Category Management, Customer Insights, and Market Research. With over 13 years of experience in managing categories across diverse industries, he has successfully aided numerous brands in creating innovative new products and programs. Quy's unwavering drive to empower small businesses and connect them with the right customers ensures that the customer experience is always maximized.
I am a dog lover, and this piece feels both accurate and painful. Dogs are part of the family and they can also be very expensive. You've done an excellent job highlighting the challenges (btw, the last 25 years I've spent doing voice of the customer work for clients so I particularly appreciate that aspect of your work.