Half of consumers plan to buy pet supply gifts over the holidays.All the coronavirus pet adoptions have led to booms for pet supply stores.The upcoming holiday season is different this year due to the coronavirus, but dogs and cats, along with the retailers who sell pet merchandise, will come out ahead.surveyed by consulting firm Deloitte plan to buy pet supplies or food while shopping for the holidays this year.
"Often, pet is a fairly recession-proof category," Rod Sides, vice chairman of retail and distribution at Deloitte toldPet spending was already on the rise, and the $53 billion US pet supply industry is expected to reach $64 billion within four years, CNBC reported. During recessions in 2001 and 2009, pet spending grew by double digits, according to theshelters, rescues, and breeders
People who already have pets are also more time with them while stuck at home and investing in more treats and accessories. Nearly half of consumers who plan to buy pet supplies told Deloitte that they prefer to shop at pet stores. Online pet retailer Chewy has benefitted from the growth in both pets and e-commerce, putting together holiday gift guides for dogs, cats, and "pet parents.", Chewy's sales grew 47% year over year, and its market value increased to $28.9 billion. Chewy CEO Sumit Singh told CNBC that people are buying more crates, bowls, toys, and treats.
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