TORONTO–Credit unions looking to build card usage might want to set aside the travel-related incentives for a moment and instead focus on something a little closer to home: family pets.
In the July Barcode Report from Senisbill, a provider of financial tools and SKU-level insights, the focus is on pet-related spending trends during the pandemic, with the findings leveraging item-level receipt data to uncover the deepest and most relevant insights into consumer spending.
In the newest report, Sensibill said it 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.
‘Opportunity to Promote’
“This month’s Barcode Report validates that health and wellness has become a major focus not only for consumers, but their pets,” said Chief Operating Officer Izabella Gabowicz. “Plus, many consumers have chosen to become new pet parents because they’re spending more time at home. These are just two examples of how analyzing SKU-level data can empower financial institutions with a better understanding of how customers' values and loyalties can change, creating an opportunity to promote or develop new products and services. Armed with these insights into pet spend, for instance, institutions may find value in offering pet insurance, specialty savings accounts, or targeted reward credit cards with pet-oriented loyalty partners to new pet owners.”
Click here to read the U.S. version and here for the Canadian version of the July report.