According to Moody Investors Service, pet-related sales are expected to remain strong even with employees returning to work. It seems the pandemic opened the door to workers relying on pets for companionship and, spoiling those pets with gifts has been a boon to pet supply stores. The national pet industry sales are at an all-time high—over $100 billion.
Historically, the pet industry has been resilient during downturns in the economy. Most owners consider their pets to be part of the family and are shopping for premium food and goods for their care.
Pet owners usually keep their pets which has led to their owners regularly caring for them with pet food and toys, much of which is purchased from brick-and-mortar stores and online retailers.