Sensibill Publishes The Barcode Report on Pet-Related Spending Trends
SKU-level data expert finds correlation in consumer and pet spend on health and wellbeing
TORONTO, July 7, 2021 – Sensibill, the leading provider of everyday financial tools and SKU-level insights, shares this month’s Barcode Report on pet -related spending trends during the pandemic, leveraging item-level receipt data to uncover the deepest and most relevant insights into consumer spending. The Barcode Report transforms SKU-level data derived from receipts into consumable and actionable insights that organizations can leverage to better understand their customers’ spending habits and behaviors. In this report, Sensibill 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. Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “This month’s Barcode Report validates that health and wellness has become a major focus not only for consumers, but their pets. 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.” Please click here to read the U.S. version and here for the Canadian version of the July report. About Sensibill Sensibill provides everyday financial tools and makes SKU-level data actionable, equipping financial institutions with personalized insights to help their customers build healthier financial habits. The AI-powered solution enables end-users to easily track their spending and manage their finances while unlocking unprecedented insights for the institution. Sensibill has rolled out its technology to over 60 million users across North America and the U.K. Visit getsensibill.com to learn more.