By CultureBanx Team
In 2017, black people spent $130M on pet supplies which includes clothes
Pet owners will spend an estimated $480M 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.
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. Pet costumes taking center stage this year include the pumpkin as the top pet costume, with the hot dog and the bumble bee taking the second and third spots, the NRF said. More than 31 million people will purchase pet costumes this year, spending an estimated $480 million, the trade association data shows.
Situational Awareness: Amazon (AMZN -7.82%) recently launched Wag, its own line of pet products. They debuted 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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