Why a Pet-Related Business?
Americans really love their pets. According to a national survey, 63 percent of pet owners say “I love you” at least once a day to their pets and 83 percent refer to themselves as their pet’s mom and dad. All of this is fueled by a couple of very specific trends that do not seem to be changing – increased pet ownership and the trend of pet humanization.
Plus, check out these numbers!
- Americans spent an estimated $43.2 billion on their pets in 2008, $66.76 billion in 2016, $69.5 billion in 2017, with a forecast of $72.13 billion in 2018.
- Forecasts indicate that the growth will continue at least 4% annually, while non-vet related pet services are expected to hit $7.53 billion in sales this year up 6% from 2013 and are expected to continue to grow as much as 7.8% annually.
- Wall Street analysts state that even during economic hard times, when people are cutting back on discretionary spending, are still spending on and pampering our four legged family members “ man’s best friend” maybe should not be used. Many of our stores are owned by female dog lovers.
- Specialty pet services has been the fastest growing segment in the pet industry. The number of pet related businesses is expected to increase from 13,470 today to 14,611 by 2018.