From the Wizard101 website:

Your pets want to have fun too!

During the Pet Promenade event, you can earn amazing rewards by interacting with your pets through winning pet games, feeding them snacks, and hatching new pets!

As you fill up your personal progress bar, you’ll unlock special free rewards:

Next Hatch Free Elixir
Elemental and Spirit Pet Tokens
Random Pet Jewel
Purreau’s Potion #9 Elixir
Snacks from the Snack Pack
A chance at the Ravenwood Hamster pet
And More!

More good news! Earning points in the Pet Promenade will also earn you points towards your Scroll of Fortune progress for even more rewards.

Hurry! This event ends Monday, August 3rd!