By CultureBanx Team
- In 2017, black people spent $130M on pet supplies which includes clothes
- Pet owners will spend an estimated $490M on costumes this year
Pets are getting roped into Halloween like never before, as their owners get ready to shell out a record breaking amount to dress them up. If there’s one industry in which money can still be made, it’s pet food and supplies where owners are projected to spend $72 billion this year, definitely tapping into the $1.3 trillion that African American’s possess.
Why This Matters: A 2017 survey by Branded Research found 41% of black pet owners have dogs and 44% have cats. They spent $130 million on pet supplies which includes clothes for their pampered pooches last year. Millennials are the most likely to dress up their pets for the season, often posting their animal’s Halloween look on Instagram, a platform black adults use more than any other ethnic group.
The National Retail Federation (NRF) reported pet costumes represent 15% of the $3.2 billion spent on all costume sales. This group credits social media for near-record Halloween spending in general, as Americans are laying out $8.8 billion on the fright fest this year, including $3.2 billion on costumes for kids and adults, which is just shy of 2017 record $9.1 billion in total spending.
Situational Awareness: Amazon (AMZN -1.09%) launched Wag, its own line of pet products. They debuted last year with dry dog food which is a difficult item to sell online because it’s heavy and expensive to ship. The survey found black pet owners are willing to pay $50 or less for pet food, which could make Wag dog food an attractive option.
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