Entrepreneurs have to be constantly on the look-out for opportunities as well as exploring risks to start-up businesses because who would have guessed that dressing up your Labrador as a bumble bee would make companies millions of dollars. Statistics show that Americans spend $61 billion annually¹ on  their pets and creating a need for consumers to spend this money is a great opportunity for profit. My research shows that the clothing industry has successfully grasped this opportunity and flourished from selling costumes for pets. Recent studies show that sales for pets’ costumes have grown 68% from $220 million to $370 million in sales just on pet costumes in America alone. This number is more than the average house-hold’s spending on alcohol, men clothing and land-line telephones combined. The understanding of market trends is crucial for success and the ability to place oneself in front of the trends will always be beneficial. As the priorities of pending shifts, entrepreneurs have to constantly ask themselves key questions such as “when will traditionally brand-loyal pet owners try new brands?”³, “what strategies works best when advertising to pet owners?” and “what kind of products are needed and have potential for sales?”

¹Kurtzleben, Danielle. “Americans Spend $61 Billion on Pets Annually.” US News. May 22^nd 2013. November 14^th 2013.

²Passy, Charles. “Americans Spend $300 million on Costumes for Pets” MarketWatch. October 28^th 2013. November 14^th 2013.

³“Pet Parents Present Opportunities for Brand Engagement.” eMarketer. July 24^th 2013. November 14^th