Under the pressure of high inflation, the growth of pet supplies sales in the United States has slowed down!

It is learned that due to the continued rise in inflation, the growth of pet supplies sales in the United States has shown a slowing trend.

Data from the Petfood Industry shows that in June, U.S. pet food inflation rose 10.3%, a record high, but this did not affect consumer spending in this area as the Consumer Price Index (CPI) rose 9.1%.

Although consumers haven’t cut back on pet food spending, sales of other pet supplies are taking a hit. On July 25, the U.S. online pet pharmacy reported sales of $70.2 million in the first quarter of fiscal 2023, down 11.5% from the same period last year.

In addition, sales of pet toys on Amazon have also shown a downward trend. Compared with the fourth quarter of 2021, revenue from dog toys fell 33% in the second quarter of this year, while revenue from cat toys fell 31%.

On July 26, some analysts also downgraded their stock ratings for pet e-commerce company Chewy. This is because the customer churn rate on the Chewy platform continued to rise in the most recent quarter, which will have a huge impact on the company's cost-effectiveness. In addition, in the past month, Chewy's stock value has fallen by 50% year-on-year.

Market research firm Packaged Facts predicts that sales of pet supplies in the United States will not grow much in the second quarter of 2022 because many pet owners have stockpiled a large number of products in the past few quarters, which will lead them to not buy again in the face of an economic recession.

It is learned that a report from the American Pet Products Association (APPA) shows that in 2021, sales of pet products in the United States exceeded the $100 billion mark for the first time, reaching $123.6 billion.

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.