Sensibill, the leading provider of everyday financial tools and SKU-level insights, shares this month’s Barcode Report on pet-related spending trends during the pandemic, leveraging item-level receipt data to uncover the deepest and most relevant insights into consumer spending.
The Barcode Report transforms SKU-level data derived from receipts into consumable and actionable insights that organizations can leverage to better understand their customers’ spending habits and behaviors. In this report, Sensibill analyzed millions of receipts from U.S. and Canadian consumers to determine pet-related spending behaviors in May 2020 compared to June 2021.
U.S. Key Takeaways:
- Overall consumer spend in the pets category increased by 143%, which included getting new pets or pampering existing ones.
- There has been a general increase in demand for all species of pets, but there’s 1.2x as many new dog owners than cat owners.
- Consumers spent 3x more on special diet pet food than on pet grooming supplies, and as this spend increased so did the consumer spending on vegetables and fruits.
Canadian Key Takeaways:
- Overall consumer spend in the pets category increased by 117%.
- Unlike the U.S., there are 2x more new cat owners than dog owners.
- Consumers spent 10x more on special diet food than on pet grooming supplies, and these same consumers spent more money on vegetables, fruits, and personal grooming supplies.
Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “The pet industry has always been lucrative for businesses of all sizes, but this month’s report reveals how much consumers value the health and care of their pets as well as themselves. For example, consumers who increased their own spending on healthy habits such as fruit and vegetable consumption spent more money on their pets’ specialty food and grooming. Understanding insights such as these can help businesses be more proactive about how they promote their products and services, highlighting health and wellness benefits. These insights aren’t limited to the pet industry; advertisers across all types of consumer goods and services can benefit as they develop messaging and imagery that will resonate with consumer audiences.”
Sensibill provides everyday financial tools and makes SKU-level data actionable, equipping financial institutions with personalized insights to help their customers build healthier financial habits. The AI-powered solution enables end-users to easily track their spending and manage their finances while unlocking unprecedented insights for the institution. Sensibill has rolled out its technology to over 60 million users across North America and the U.K. Visit getsensibill.com to learn more.