The Pet Industry is one of the main beneficiaries of the demographic changes taking place in Europe, Japan, the US and other western countries. People have fewer children, but more pets – particularly dogs. This provides opportunities in business and investment in an industry that seems to be recession-proof.
Changes in economic circumstances over the past decade have resulted in tough times for many households. One consequence is that people have fewer children and instead they often choose to get a pet. This satisfies the basic nurturing instinct that most humans have. A dog is a welcome presence, it provides companionship at home and the owner is now a member of the ‘dog owner society’ which opens up a new world of social opportunities.
Increased dog ownership has brought about a massive pet industry. According to the American Pet Products Association (APPA), US consumers US dog owners spent an estimated US$62.75 billion on pet food, supplies and services in 2016.
It is clearly a growth industry and since 2007 spending in the pet industry in the US has grown by 50% – considerably faster than the rest of economy. Although owning a dog is not cheap, there’s no sign of a slowdown in spending. One of the reasons is that people don’t easily cut spending on their pets. They will rather do without something themselves than hold back spending on the dog. And there’s much to spend on – special food, treats, beds, toys, special gadgets for the dog. Just have a look around a specialty Pet Shop!
Even if you’re not a dog owner, the pet industry provides investment and business opportunities. You can invest in pet industry companies. However, these are often quite expensive because of the strong growth and positive outlook for the industry. There’s also the opportunity for new innovations – new toys, gadgets – anything to amuse and make life easier for Fluffy and its owner. Like humans, dogs need to eat healthy and there are shops specializing in specially prepared dog food, vitamins and supplements. Hopefully this will prevent huge vet bills… Then there’s the Doggy Spa, where Brutus will be groomed and pampered by well-trained personnel. As more people want to take the dog with them when they go on holiday, there is an increase in dog friendly accommodation.
The dog service industry is also booming. Dog walkers are in huge demand, particularly in certain areas. When the owner is unable to take the dog for a walk and need someone reliable to take it to the park. There’s also Doggy Day care, where the dog will be kept busy while the owner is at work. Pet sitting services are convenient for people who’d rather have someone staying with the dog in its familiar surroundings while the owner is away.
Dogs fulfill important human needs; they can help people through tough times, they’re always there, aren’t judgmental and they make us laugh. They give so much without asking much in return. Humans’ relationship with dogs is based on genetically determined human instinct and needs – and the pet industry is the big beneficiary.
So, when you buy the best dog food for Fluffy and Brutus, replace their destroyed toys or hire a pet sitter, you’re doing more than looking after your pet – you’re also supporting a growing industry in the economy.
1Salomi is a contributing blogger ,dog lover and avid learner ,you can see more of her articles on her website
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