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by Anthony Termini, Benzinga
Investment firm Morgan Stanley (NYSE: MS) says that the consumption habits of millennials, Gen Xers and Gen Zers could be bullish for the U.S. economy through the 2040s. This is one of the current trends that appear to be picking up in GoodWag’s favor.
Cleaning Up The Yard May Mean Cleaning Up The Environment
GoodWag is a woman-owned business based in Santa Barbara, California that believes it is tapping into an underserved market and creating essential solutions for pet owners. The company’s flagship product, PooPail, is made in the USA, and the company says it is the “world’s first” two-in-one system for cleaning and storing dog waste.
GoodWag founder, Sandy Stinson, says her company is “the go-to company when your dog goes number two.” She adds that PooPail is a product designed to “speed up and simplify pet poop cleanup while eliminating plastic and single-use bags.”
The desire of consumers to reduce plastic waste is one of the meaningful trends the company aims to benefit from. The UN Environment Programme found that nearly 400 million tons of plastic waste are produced every year. As tax and accounting consulting firm Deloitte points out, millennials, Gen Xers and Gen Zers are largely environmentally conscious, and the majority of them are “willing to pay more for sustainable products.”
The 21st Century Nuclear Family?
The definition of a nuclear family has traditionally meant a married couple with children. Today, it could refer to any couple of people with pets. The Pew Research Center says that 13% of millennials with a spouse don’t have children.
A study published in the National Library of Medicine notes that “a growing number of young people tend to regard their pets as their surrogate children.” This is related to another trend that benefits GoodWag.
A Harvard Medical School report says that a dog can “help you be calmer, more mindful, and more present in your life.” This may be part of the reason millennials, Gen Xers and Gen Zers are the largest segment of dog owners in America.
The trade group that represents pet products manufacturers, the American Pet Products Association (APPA) reports that 58 million U.S. households own a dog. Millennials, Gen Xers and Gen Zers make up three-quarters of those families.
What These Trends Mean For GoodWag’s Business
Americans will have spent more than $150 billion on their fur babies by the end of 2024, based on APPA estimates. That’s up almost 2.5% over 2023.
More significantly, the domestic market for waste bags alone is more than $14 billion, according to Cognitive Market Research. Cognitive says the global market is more than three times that size. So there could be plenty of market opportunity for GoodWag.
As such, Goodwag seems to be off to a good start. PooPail, which comes in seven different colors and boasts 20 features, has already scooped up nearly $1.5 million in lifetime sales. In the first quarter of 2024 alone, the company piled on an additional $225,000 in online orders. PooPail is made in the United States.
GoodWag completed its first round of funding through a Kickstarter campaign that raised $500,000 in 30 days. The current round, a crowdfunding campaign hosted on the StartEngine platform, is intended to help GoodWag grow its product line and expand sales channels.
Featured photo by JACLOU-DL from Pixabay.
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