Situation statement and overview - includes refined target consumer analysis and product need insights
(important insights about the target customer groups that actually guide ideation
The new product will be the Petzyo Calmer Collar which aims to clam pets through using aromatherapy oils which are specifically chosen to target a dog's stress, digestive issues, flea control and general mood.
The paragraph below is the target market that in the previous part.
Australia is one of the countries with the highest pet ownership rate in the world, with more than 60% of Australian households owning pets. Pets are an integral part of the owner's life, and many consider them to be family members. Most pet owners consider their pet partner to be a family member. This has a great impact on how people care for animals. It is not just about how pet owners interact with their pets; the most important reason for keeping pets is companionship. 72% of dog breeders and 67% of cat owners choose partners as the main reason for keeping pets. This explains why pets are more correctly referred to as companion animals. The pet product market is the easiest to divide by age, as the consumption of pet products varies greatly with age.
Pet owners are a large and diverse group who are willing to pay for their fur baby. Pet owners' spending habits are closely related to their lifestyle choices, disposable income levels, and time spent with pets.
Pet owner age 18-49
This age group includes Generation X, Generation Y and Millennial consumers, all of whom have a high trend of keeping pets. Since many consumers in this field regard their pets as "fur babies", the relative size of the market has expanded as pet owners have chosen to spend their disposable income.
Pet owners are between 50 and 64 years' old
People of this age group are likely to have their own family, which is a typical indicator of high pet ownership. In this market, pet owners may also have the highest income in their lifetime accounting for a large proportion of income.
Pet owner is over 65 years' old
Pet owners aged 65 and older contribute 21.0% of industry revenue. Market owners tend to retire, so they have more time to stay with their pets. Therefore, their spending habits are slightly higher.
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