Brian Moynihan Says Pet Food Aisle Signals Consumer Strength
brian moynihan said the pet food aisle can reveal how the American consumer is holding up, and he pointed to people still buying for dogs and cats even as they trade down. At the Forbes Iconoclast Summit, he said to "wander down the pet food aisle" because "the real story of the economy is playing out in how people feed their dogs and cats."
Bank of America Card Data
Billions of dollars in aggregate transactions from Bank of America card data show consumers are not stopping pet spending. They are shifting from premium boutique pet brands to grocery store kibble, a move that keeps spending in the category but lowers the ticket size for each trip.
More than 30% above the national average is how much households in Seattle and San Francisco spend on their pets, while cities across the American South come in below average. That spread lines up with the source's point that cost of living and localized inflation pressures dictate discretionary choices.
Pet Food and Vet Prices
Prices for pet food and veterinary services skyrocketed over the last few years, and that left households with less room to absorb everyday extras. In high-cost-of-living metropolitan areas, higher mortgages, pricier insurance, and steeper utility bills leave the remaining discretionary income fiercely guarded.
80 bag is the kind of everyday basket that shows the trade-down in practice: consumers keep buying pet food, but they are more selective about what goes into the cart. If fixed costs keep taking a larger share of the paycheck, the card data points to value hunting rather than a clean break in spending.
Seattle, San Francisco, South
The regional split gives the clearest read on the consumer. Seattle and San Francisco households keep pet spending well above the national average, while the American South sits below it, suggesting that local housing and utility burdens shape what gets cut first and what gets protected.
For buyers, the signal is simple: the pet aisle is still active, but the mix is changing. Premium brands face a more cautious shopper, and grocery store labels are capturing the spend that used to go to boutique products.
