Pet Care Industry Takes a Hit in Recession
The pet care industry has been known to float through economic downturns that made other businesses sink, but a new study shows that the industry is far from recession-proof.
The study, “Economy and Pet Care” by Brakke Consulting Inc. (Dallas), clearly shows pet owners are cutting back on purchases and services—and that retail stores and veterinary clinics are feeling the impact.
Brakke Consulting surveyed 1,500 dog and cat owners and 225 companion animal veterinarians in October and November 2008. Nearly half of the pet owners surveyed (46 percent) said their financial situation was worse than in 2007, and 27 percent said the employment status of the household’s chief wage earner had declined. In response, some pet owners cut back on pet products purchases and services such as boarding, grooming and veterinary care.
“After years of healthy growth, often at double-digit levels, veterinarians saw their businesses tighten in 2008,” said John Volk, Brakke’s senior consultant and manager of the study. “The research showed that visits to veterinarians were flat overall, with a large segment of the profession registering declines.”
The economic impact was worse in two areas: the Midwest and families with annual household incomes under $50,000.
The study also indicates that pet owners may be reducing the number of pets they own.
To purchase the full report, go to www.brakkeconsulting.com. [February 2009 PET AGE]
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