Why the Pet Care Industry is Recession-Proof

pet care industry

pet care industryMorristown, TN

How much money do you spend a week on your pet’s food? How about your total spending on veterinary bills? Have you bought them a toy, treats, a bed or carrier? You may not realize it but you spend loads of money on your animals. Guess what, it’s not just you. Americans on average, according to a study done by the American Pet Products Association, spent more than $69.5 billion on pet products alone in 2017—a number estimated to rise when 2018 calculations are complete. That includes products like food, habitats, supplies, medical care, medicine, grooming, boarding, and the purchase of animals themselves.

What does all of this mean for you and your pet care business?

It means that your business is an investment because the pet industry is nearly immune to a recession. Between 2007 and 2011, American wallets took a beating, but the pet industry barely noticed. The Bureau of Labor Statistics has done many studies that show during times of dire financial straits the average American household barely changes its spending habits. In fact, the BLS showed that, in 2011, people spent more money on pets that year than they spent on men’s/boys clothing, phone bills, and alcohol. From 2007-2009 when many people were being hit the hardest economically, spending on pet food stayed constant while the restaurant industry suffered. People are more willing to take food out of their mouths than take dog biscuits away from their “good boys.”

So, if people are willing to always spend money on their animals, how do they spend it all and are these expenses changing? You know the average expenses that pet owners have: food, medical care, hygiene, and pet care. There are new changes to these expenses.

Technology is only creating new ways to spend money on pets

It starts with doggy treadmills, and continues with gadgets like iFetch (a device that launches balls for your dog to chase at home). PetChatz and Petcube are devices that allow you to video chat with your pet while you’re at work. Along with new and unusual technology, veterinary science has grown and expanded. Animals who need medical care now have access to many procedures that humans have today, ranging from MRIs to surgical procedures. These new budding medical advancements come with a price.

Lastly, an-ever growing pet expense is pet boarding and daycare. Now there are dozens of ways to find dog walkers, work-time playmates, pet-sitting services, and more. These are rapidly growing industries in pet care, and they could be making your business stronger.

According to a survey by the APPA, 68 percent of American households have a pet. That adds up to 85 million families! Americans are slightly more likely to own a dog, and dogs are more likely to need kenneling or daycare. Dogs, on average, also are the most expensive type of pet to own in the first year of ownership.

Here at Life is Woof we understand your dog businesses needs. We have been in business for nearly 12 years and want to help you succeed, whether you are looking to start your own business or refurbish an existing business. To learn more, please contact us today at www.lifeiswoof.net to get started on figuring out your business’ needs today with our consulting services.

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