The pet industry is booming, or should we say, has almost always boomed and continues to do so quite well? And why not? More than half of the households in the US have pets of some kind which amounts to over 300 million pets just in the US alone. Revenue has had steady growth for more than 20 years! 1
This long-term trend bodes well for small businesses in this industry. Sure, there is the medical side of the house, but there is much more like food and toys! A 2018 study reported that dog owners spend $1,285 and cat owners spent $915 a year or more on each pet. 2
Millennials, many of which consider their pets to be ‘fur babies,’ have a very close attachment to their pets. Sometimes, spending more on money on their pets than their own health care. And seven out of 10 would gladly take time off from work to care for a sick pet if their employer offered that perk. But the boomers are spending as well with pet expenditures peaking between age 55 and 64. 2
Could the pet industry be your next small business adventure?
Where are the opportunities for small businesses? Knowing that this industry has a strong growth trend makes it ideal for new business start-ups and businesses that help support this industry. This could include creating new products (such as toys, doggie tv, fitness trackers, clothing, etc.), providing services (such as daycare, grooming, training, photography, etc.). It could involve buying into a franchise, career training, or inventing things. The demands for veterinary technicians, assistants, and doctors, along with specialty needs such as grooming and the development of specifically trained service animals make this a wide open industry to explore!
1 Pet Care Industry Analysis 2018 - Cost & Trends (https://bit.ly/2uj8Zl8)
2 National Pet Month: Here’s how much Millennials spend on their pets (https://bit.ly/2ROjMzf)
This BLOG is all about using creative talents to create and support the economy in Oregon. First Blog out of the shute is how film in Oregon helps bring in money and jobs into the state. Business Recruitment, Retention, and Expansion (BRE) comes in many forms and flavors. The entertainment sector is alive and well on the South Coast!