FIDO COULD SOON be getting a backpack. Ikea, the Swedish household furnishings group, is testing sales of pet accessories in an attempt to take a slice of a global market worth an estimated $7 billion a year.
The Swedish group, best known for its self-assembly furniture and Scandinavian design, is testing a range of pet accessories in 20 of its 179 stores across the world. The move comes at a time when spending on pet-care products is steadily increasing despite falling pet ownership in some Western countries.
The new products range from pet baskets, bowls, towels and leashes to dog Frisbees. Ikea CEO Anders Dahlvig says the present limited range is a test, but adds: "Who knows where it could grow? It's a multibillion-dollar business worldwide."
A survey of the British pet market this year found owners were increasingly viewing pets as part of the family. "As a result, consumers are prepared to spend significantly more money on the health and emotional welfare of their animal," the report said.
"There is also evidence that in some sectors, such as collars and leashes and feeding bowls, owners are becoming more fashion-conscious and are buying accessories to change their pets' 'look' or to match the item with interior decor."
But when it comes to pampering pets, Britain still lags behind the U.S. The survey group Euromonitor International said sales of pet-care products, not including food and health care, will reach $2.4 billion in the U.S. next year.
--Nicholas George, Financial Times
COPYRIGHT 2004 Chief Executive Publishing
COPYRIGHT 2004 Gale Group
