The COVID-19 pandemic has hit many retailers hard, but not all companies are struggling right now. In fact, some sectors are thriving. If you’re wondering about the status of the pet industry today, you should know that it’s booming, and here’s why.
1. Recessions Don’t Affect Pets
Cats, dogs, snakes, and turtles have no idea what’s going on in the world. They don’t know that there’s an economic downturn. But seriously, the pet industry is resistant to economic strife.
According to Market Watch, about 85 million American families own pets. They also spend money on their pets. In fact, families spend 7 percent more on their pets every year than they did the year before.
Spending on veterinary care has also increased three times faster than the U.S. gross domestic product. Pet industry spending increased by 29 percent and 17 percent, respectively, during the last two recessions.
2. People Have More Time
In May, approximately 33 percent of Americans were working from home. That means that they have more time to care for pets. They might want companionship during their long hours in the house, and a pet is the perfect work buddy.
Even though many people know that they’ll eventually have to go back to the office, they’re biting the bullet and getting a new pet. While they’re home, they’ll have time to provide house and obedience training. Once they return to work, they can put their pets in doggy daycare, if necessary.
3. Pets Make You Feel Better
If you’ve ever spent time with a pet, you know that they’re comforting. When you interact with your furry friends, your stress levels and blood pressure go down. Some studies show that hanging out with a pet can reduce loneliness and put you in a better mood. It can even make you feel socially supported, which is essential during this time of social and physical distancing.
Don’t believe us? Take a look at this article from Entrepreneur explaining why a pandemic hasn’t harmed the pet industry:
4. Pets Give You Something to Do
Bored? If you’ve gone through your list of new hobbies to learn, you might be looking for something to do. A pet will keep you busy. Whether you need to walk the dog, create a new cozy living space for your animal, or clean the litter box, you’ll have plenty of tasks to occupy you.
Plus, pets are entertaining. Watch your cats or pups play when you have nothing else to do. Give Fido and Fluffy a snuggle while you’re watching Netflix.
People are worried that they’ll go stir crazy in their homes during the pandemic. The pet industry is seeing the results of that concern as more Americans bring fluffy companions home.
5. Pets Need Stuff
Pets require food, accessories, toys, shelter, and more. The pet industry is here to supply consumers with all of those care items. Veterinary care will always be necessary as long as people have pets. COVID-19 isn’t changing the care that your animal needs.
More people are shopping online for all of their household items, including pet products. The online pet industry is flourishing. So are daycare and grooming services.
In 2019, consumers spent $95 billion on their pets. More than 10 percent of that was on training, grooming, and boarding.
People treat pets like children, and they want them to have the best. Millennials, GenXers, and Baby Boomers love to spoil their pets, splurging on luxury items and boarding facilities where they know that their animal will get plenty of loving attention.
6. Pets (and the Pet Care Industry) Continue to be an Excellent Investment
An impressive track record shows that the pet industry is financially and emotionally rewarding. During these uncertain times, people are struggling with their finances and mental health. If you’re looking for an investment or are interested in working with pets, this is definitely a resilient career path.
As social distancing continues, it’s unlikely that people will stop opening their wallets to take care of their furry friends. And, at K9 Resorts, we don’t plan on going anywhere anytime soon.