People may be feeling the squeeze on their finances, but when it comes to their pets, they are prepared to spend, with the luxury pet market proving incredibly buoyant.
Schell gave up a successful career in recruitment to start her business, an experience she describes as challenging. She says: “I’d never worked in retail, so getting the stock right, even learning how to use a till, was a steep learning curve, but within six months, I knew what my customers wanted. I am very confident around people and their dogs and love interacting with them in the shop.
More recently, the biggest threat to retailers has been the cost of living crisis; but not, it seems, for those in the luxury pet industry. “The cost of living crisis hasn’t impacted business,” says Schell. “People still want stylish things that are also practical, and buying them for their pets is a feel-good factor. It hasn’t surprised me that this market has been so resistant.”
It’s also worth studying trends in human and even baby products. “Pets mean more to people now than pre-pandemic; indeed, people are increasingly viewing their pets in the same light as children, or even choosing pets over children,” says Howard. “Entrepreneurs could look to emerging trends in baby products to predict what may be next for our pets. Trends tend to follow suit.
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