Spending on pet food steady despite inflation – Petco CEO
Despite the high rate of inflation in the US, pet owners aren’t limiting their spending on food for their animals, says the CEO of Petco, a major American pet retailer.
“The majority of our business is staples,” Ron Coughlin said on Yahoo Finance Live. “Just like you don’t cut back on milk or eggs, pet parents don’t cut back on food for their pets.
“In fact, what we’re seeing is upgrading of foods, continued premiumization toward the most premium kibbles, fresh frozen foods.”