January 13.2024
In the world of fashion, our four-legged furry friends have taken the lead and started their own trends. What was once considered a niche market is currently gaining popularity. Research reports indicate that the size of the global pet clothing market is expected to reach US $7.66 billion by 2031, with a compound annual growth rate (CAGR) of 4% from now to 2031. It’s not a recent obsession of ours to dress up our pets. Images of Marc Jacobs’ bull terrier Neville and Paris Hilton’s Chihuahua in diamond-studded tiaras have gone viral on social media, amassing over 150K Instagram followers.
However, since the pandemic, people have had more time to spend with their pets, which has resulted in an exponential increase in the demand for pet wear. Vietnam as a very young market that just opened to the public has also seen the emergence of numerous up-and-coming brands in this industry, many of which were founded by ardent animal lovers. Meanwhile, foreign companies are also making their way into this market.
Prominent international labels such as Tommy Hilfiger, H&M, Hugo Boss, Ralph Lauren, Gucci, Prada, Celine, and Christian Louboutin provide a wide range of pet clothes. Today, Millennials worldwide are increasingly choosing dogs as friends over children, citing the ease and unwavering love of pets over the difficulties and expenses of raising children. OnePoll, a survey company, found that 2,000 dog and cat owners in the US spend more money annually on their pets than on themselves. According to another survey, roughly 50% of US pet owners believe that their animals are just as much a part of their family as any human member. According to data from the Pet Food Manufacturers Association, there are currently more than 34 million pets in the UK, and annual pet spending exceeded £ 8 billion in 2023. The largest pet supply chain in the UK, Pets at Home, estimates that sales of dog jumpers and hoodies have increased by more than 60% in the past year. More than 20% of Dutch households had dogs as pets in 2023 and even more favored were cats…
