Even in tough economic times, pet owners love to indulge their pets. The pet services and pet supplies market is one of the few enterprises that have increased in income in the last couple of years, as opposed to those that offer services for people. The market for pet supplies has stayed relatively unaffected by the weak housing industry, high unemployment and diminished 401(k)s, continuing to grow through the recession. In 2010, Americans invested $55 billion on their pets in accordance with the market research firm Packaged Facts.
Individuals are usually cutting back on their sumptuous luxuries and expenditures, and they are more cautious when it comes to spending money for themselves; however, only a few pet owners do the same for their pets. They continued to offer their dogs high quality and premium food as well as supplying them the best veterinary care possible (which plays a role in the 7 percent incline in veterinary services in 2010, as reported by the New York Times).
But while spending hasn’t reduced, it has been focused in specific categories, namely high-quality necessities like food, leashes/collars and beds. At the 2011, Global Pet Expo in Orlando, Florida, pet food reigned over. There were suppliers pushing human-grade pet food, organic blends, alkaline-based foods intended to prevent cancer, meals in packaged portions for overweight animals and raw diets. Contrary to special hygiene merchandise or apparel, pets need food to continue living and there are a lot of animal lovers who view that premium food also improves the health and extends the life of their dogs, and also steer their pets away from costly vet bills.
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Though the veterinary and the pet supplies groups have seen development as well, the 7 percent growth cited by the New York Times is driven, in part, by a pet population that’s living longer. Human medical technologies such as cancer therapies (chemotherapy and radiation therapy) and CAT scans are being progressively utilized for home pets. Pet owners are requiring the same level of care they obtain themselves and with advances in technology, veterinarians and other pet supplies and services providers, such as high end retail stores and kennels and dog boarding facilities, are able to supply it.
Along with this, pet insurance plans are surging in recognition, with numerous firms presenting plans in a myriad of brand names. This sector is projected to grow to $600 million by 2013, according to Small Business Trends.
Why is it that the industry for high-quality pet services and pet care still increase, even in times of economic crisis? The rational is that pet owners are treating their respective pets like their own children and go shopping for them in the same way.
High-quality foods, and hi-end beds, collars and toys all have a direct effect on a pet’s comfort and health, as does the pet care and other pet supplies and services that they obtain. At present, people are spending cash to give their pets a good life.
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