General Mills says that pet parents are giving fewer treats to their pets due to return-to-office mandates.

General Mills says that pet parents are giving fewer treats to their pets due to return-to-office mandates.

The New Normal: How Remote Work Impacting the Pet Industry

In the wake of the COVID-19 pandemic, remote work became the norm for many employees around the world. This shift to working from home had an unforeseen impact on various industries, including the pet industry. With pet parents spending more time away from home, companies like General Mills and Petco have seen their pet treat sales decline. However, not all is lost for our furry companions, as other businesses like Rover are thriving in this new landscape.

General Mills, primarily known for its popular brands like Cheerios, Pillsbury, and Häagen-Dazs, entered the pet treat market in recent years. In an effort to expand its presence in the industry, the company acquired Tyson Foods’ pet treat business and Blue Buffalo Pet Products. Unfortunately, despite these investments, pet treat sales suffered a double-digit decline in the latest quarter. CEO Jeffrey Harmening expressed caution, stating that a significant rebound is not expected for the rest of the year.

Petco, a leading retailer of pet food and treats, has also felt the impact of remote work on pet owners. The company’s shares have tumbled nearly 60% year-to-date. A survey conducted by Petco revealed that 69% of pet parents are stressed about their pets as they return to the office. In fact, 41% of respondents stated they would consider changing jobs if it meant they could bring their pets to work. In response, Petco has shared resources for companies on how to create pet-friendly workplaces, recognizing the importance of accommodating working professionals and their furry companions.

While some businesses in the pet industry are grappling with the challenges posed by remote work, others are thriving. Rover, an online marketplace for pet care services such as dog walking and pet sitting, has experienced a surge in its share price, increasing by more than 45% this year. The demand for these services has risen as working pet parents seek alternative ways to ensure their pets receive proper care and attention while they are away from home.

Although there has been a recent increase in office occupancy in major U.S. cities after the Labor Day weekend, suggesting a potential return to in-person work, the long-term outlook for remote work remains positive. According to the latest Survey of Business Uncertainty, most U.S. executives anticipate that hybrid and fully remote work arrangements will continue to rise over the next five years. This shift in work dynamics has even gained the endorsement of CEOs and CFOs, further solidifying the idea that remote work is here to stay.

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In a heartening development for both employees and their pets, a truce seems to have been established between workers and employers. The September Flex Report from remote work platform Scoop revealed that 82% of Fortune 500 companies offer workplace flexibility. The most common arrangement is a requirement for employees to be in the office for two to three days per week. This newfound balance between in-person office work and remote work is a welcome improvement for pet owners, who can now spend more time with their beloved companions while still fulfilling their professional responsibilities.

Despite the challenges faced by some companies in the pet industry, the overall impact of remote work has sparked a shift towards more flexible work arrangements. This change has paved the way for businesses like Rover to thrive and offer essential services for working professionals. With a positive outlook for remote work in the coming years, it seems that our furry friends will continue to benefit from the evolving nature of the modern workplace.