As a supplier, are you struggling to find the next big trend in your category? It may be as simple as researching a completely different area. For years, suppliers in the pet category have had an advantage on keeping up with trends; they simply turn the lens to humans! Knowing your cross-category indicator is a key factor in forecasting buying trends.
Jessica Hendrix, CEO of Saatchi & Saatchi X, provided some intriguing insight on a recent episode of Focus on Suppliers. In her view, how suppliers gauge trends in the pet category can be a benefit to any business looking for future growth.
The Evolving Pet Category
When looking at pets, it’s interesting to note how consumers buy for them. Pets have become less like animals and more like children in services, products, and marketing. Hendrix examines this trend and points to its expanding potential.
“For well over a decade, we’ve been humanizing pets,” she observes. “This has led to major growth in the pet industry.
“Over this time, pet products have evolved following popular human trends like organic and Paleo foods. We even see more obscure tends like pet acupuncture and even mushroom complexes.”
The Lesson for All Suppliers
Why would a supplier in another category care about the trends of pets? It’s not so much about the pet trends as it is knowing your category indicator. Zeroing in on where the next buying trend starts helps planning across categories.
“All categories have other industries that act as their lead indicators,” Hendrix continues. “For the pet industry, it’s humans; for mass retailers, it’s often independent or online shops that set the standard. To continue to grow within your industry, start by looking at what you’re doing and seeing where it came from.”
To learn more about new trends in the Pet Category, check out the latest episode of Focus on Suppliers.