Recent research and surveys have shown that there has been a massive sales growth recorded in the pet apparel industry. The American Pet Product Manufacturers Association has recently concluded an analysis concluding that the pet product sales have been pulling up more than 50 billion dollars in revenue every year. The online purchases have been forecasted to grow between a 10-15 percent annually as of 2018 and following up to 2025.
Americans have been observed to be shopping and spending more on pet animals than ever before. And so it has been forecasted by a leading market research firm, that by 2020 there are chances of the product retail sales to reach up to an amount of 96 billion in revenue!
It’s all owed to the shifting trends in the fashion market industry that are influencing these statistics. When it comes to fashion, time is an essential and topmost influencing variable because with time fashion trends and developments keep alternating. Trends along with the growing need for customization, and personalization have really affected the industry growth stats immensely. There has been an increase in online stores, pet boutiques and custom pet fashion designers. There are a certain number of businesses that are exceptionally detail oriented when it comes to customization; when it comes to dog accessories like collars and harnesses, color and embellishment selection is kept under consideration. Immense usage and access to the Internet has also awoken the high sense of trendy and fashionable pet apparel. Seeing showbiz stars and celebrities dress up their pets in customized garbs is really appealing and influencing as well.
All the recent research carried out conclude and point out to the eminent growth in the pet apparel industry. Dog product sales have soared up to a year over year ratio of 4% in 2016 as compared to 2015. Ecommerce businesses have progressively flourished under this industry in specific, businesses of the likes of Amazon, Aliexpress etc.
Any entrepreneur or investor planning on pursuing a customized pet apparel startup should certainly analyze the stats and take an initiative promptly when the time is right. And be a part of this booming industry.