5 Reasons to Love the Latest State of the Pet Industry Report from APPA
Released in March 2024, APPA’s State of the Industry 2024: Strategic Insights from the National Pet Owner Survey is an essential resource for pet industry leaders and enthusiasts. Whether you’re a long-term reader of the National Pet Owners Survey (NPOS) study or new to the publication, discover five things to love about the new 2024 State of the Industry report.
1. Features the Newest Research on Pet Owner Sentiment and Behavior
The 2024 APPA National Pet Owners Survey (NPOS) was conducted in December 2023 with a nationally representative sample of more than 10,000 respondents. The survey, conducted biennially for the last 36 years, will now shift to an annual cycle to deliver timely data and year-over-year analysis on pet owner behavior and trends, as well as forecast future performance.
2. Forecasts Account for Economic Factors Like Inflation
A highlight of APPA’s State of the Industry 2024 is the industry expenditure chart, which displays actual expenditures through 2023 and forecasts expenditures through 2030. The report includes current trend analysis on industry growth, including a recent re-forecast on pet industry expenditures under the current economic climate, which shows continued growth in pet spending: APPA projects industry expenditures will reach $207 billion by 2030.
3. Includes Context from Trusted Industry Partners
APPA's report highlights original research on pet owner trends and insights and incorporates data from trusted partners to add context to the findings. For instance, the State of the Industry 2024 includes data from Michigan State University and the Human Animal Bond Research Institute (HABRI), citing works such as The Economics of the U.S. Pet Food and Pet Supply Industry and HABRI's 'Pets in the Workplace' Study to add depth and context to the NPOS findings.
4. Demystifies Generational Differences in Pet Ownership
The new insights report showcases generational differences with charts and visuals segmented into generational cohorts to help readers easily identify trends in pet ownership across segments. Findings show that while Millennials remain the largest pet-owning generation, Gen Z pet ownership is growing strong. Research indicates that these two generations learn about pet products in a statistically significantly different way than Boomers and Gen X Pet owners.
5. Provides Clear Insights with Easy-to-Read Charts and Graphs
APPA’s research and insights team redesigned the NPOS into this new Insights Report to appeal to learning best practices, organized into six key findings with insight statements on each page. The visual charts offer clear and concise data sets, making APPA’s State of the Industry 2024 an ideal resource for strategy leaders, executives, marketing teams, and more – data from the report can easily be cited online and shared in strategy presentations to inform future business decisions.
APPA’s State of the Industry 2024: Strategic Insights from the National Pet Owners Survey is free for association members and available for purchase from the APPA store.