Despite inflation and increasing living costs, pet ownership and pet-related expenditures in the US are on the rise, showing no signs of slowing down. Last year, pet owners spent more than $136 billion on their pets; in 2023, with 66% of US households owning at least one pet, those expenditures are projected to continue to increase.
Like other pet-related markets, the pet training service industry is growing rapidly. According to a recent study, pet owners spent $3.83 billion in 2021 on pet training and are estimated to spend as much as $6.84 billion on these services in 2031. So, how can your pet training business capitalize on this growth? In the following article, the United Consumer Financial Services team highlights four pet training industry trends in 2023 and how your business can position itself to capitalize on these trends.
Millennials and Gen Z Are Driving Industry Growth
Although pet ownership rates continue to rise across the age spectrum, millennial and Gen Z pet owners are projected to provide the most sizeable industry boost as the popularity of acquiring pets increases among these age groups. Gen Z pet owners represent the demographic with the highest likelihood of investing in behavioral training for their pets. A recent Forbes report found that 41% of Gen Z pet owners pay for professional pet training.
Millennial and Gen Z pet owners are a significant force behind pet adoption efforts. They are often the age demographic most willing to make holistic lifestyle sacrifices for their pet’s needs, including training for companionship and good behavior. Your pet training business must enhance its marketing and advertising to reach millennial and Gen Z pet owners. A strong social media presence, social responsibility, and an awareness of contemporary social issues are essential if you want to ride the wave of industry growth generated by younger generations of pet owners.
Virtual Training Is Gaining in Popularity
In 2023, many pet owners want to train their pets at home without traveling to a training facility. Although virtual training options had been around for years before the COVID-19 pandemic, one of the pandemic’s lasting impacts on the pet training industry has been the increased popularity of virtual pet training.
Among the appeals for virtual pet training, accessibility and customizability in the training process are significant factors driving nontraditional training options. Pet owners can choose a time that best accommodates their lifestyle through virtual training services, eliminating travel costs and minimizing work or scheduling conflicts. Virtual training options enable pet owners to choose custom training for specific pet types and target particular problematic behaviors or desired behavioral goals.
Projected to have the highest growth rate in the industry over the next several years, virtual training services will generate significant revenue for pet training businesses that offer varied and accessible virtual options for pet owners. To capitalize on this segment of industry growth, hire technologically proficient trainers, provide virtual programs, and market the flexibility and accessibility of these programs.
Cat and Dog Markets Remain the Most Lucrative
Even with new avenues for pet training, traditional cat and dog training markets are as strong as ever. Among the most-trained pet types, cats and dogs still top the list, with dogs as the unrivaled frontrunner, representing 42.5% of the pet training services market. Beloved for their companionship and teachable behaviors and personalities, cats and dogs will continue to be the primary source of revenue for your pet training business.
This means that your business would do well to continue marketing heavily for these popular types of household pets. You should also stay current on cat and dog care trends to assist pet owners in continuing their pet’s training outside your facility. Pet owners expect trainers to help them think through how to reinforce their pet’s training at home best. Trainers should also expect pet owners to request advice on using accessories like harnesses or hands-free leashes during everyday activities with their pets. Attention to these traditional markets and developments in at-home pet care will provide your business with a stable, non-volatile revenue stream.
More Pet Owners Need Low Monthly Payments
Although more Americans choose to become pet owners each year, many do so with limited finances to meet their pet’s needs. For example, with 39.29% of dog owners living on a tighter budget to afford their dogs’ expenses, some households cannot afford to train their puppies professionally. That means many of your business’s potential clients need financial assistance to take advantage of your pet training services.
Owning a pet requires dedication and additional monthly cash. Pet owners should not have to forego their pet’s training because they don’t have a lump sum. With a consumer financing company like United Consumer Financial Services, pet owners can experience the life-changing benefits of pet training today and pay off their loans over time. Consumer financing allows pet owners on a tight budget to access professional pet training and pay for the service through affordable, secure, fixed monthly payments. Pets, pet owners, and pet training businesses benefit from consumer financing: pets receive the attention they need at a price their owners can afford, generating more volume for your business.
Make Plans for Growth Today
The pet training industry is growing, and so can your business as you press further into traditional markets and adapt to new market developments. By prioritizing accessibility and customization, your pet training service can make the most of industry growth and increase its clientele, especially among younger pet owners.
As your clientele expands, strategic consumer financing options will enable more pet owners to take advantage of your services and reap the benefits of professional pet training. Talk to our United Consumer Financial Services team today to learn how your pet training business can maximize revenue through consumer financing options.