The world’s biggest retailer is cashing in on the rising wave of pet spending.
Walmart is making a play for pet owners with an online pet pharmacy, in-store vet clinics and a broader array of wholesome pet foods. By Taylor Telford Taylor Telford Reporter covering national and breaking news Email Bio Follow May 7 at 11:29 AM As Americans spend more than ever on their furry friends, Walmart is getting pet-smart with products and services, including an expanded fleet of in-store veterinary clinics and an online pet pharmacy.
The world’s biggest retailer is cashing in on the rising wave of pet spending, which doubled between 2005 and 2018, reaching an all-time high last year of $72.5 billion, according to a study from the American Pet Products Association. This year, spending is projected to reach $75.3 billion, and research suggests millennials are fueling the increase.
The biggest source of pet spending is food, with owners dropping more than $30 billion on chow last year. In particular, sales of fresh and organic pet food have skyrocketed, growing more than 70 percent in the past three years, according to data from Nielsen. Premium pet foods are now more popular than generics.
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