US Boasts A $72 billion dollar industry over their obsession with petsDecember 09, 2019 12:13
Pets are a man’s best friend and this is something that people across the United States have grown to showcase in their economical growth charts. The pet industry, especially the one indulging in the health care business suggest saying that this industry is all set to grow and evolve even further over the years, making this one of the fastest growing industries in the country.
It is not just the Instagram sponsored posts that you see that makes the difference, the impact is actually quite more than that. With so many available possibilities and scopes for growth, it isn’t a surprise at all that the pet industry is a booming trend at the moment.
From premium quality pet foods to clothes and even the grooming sessions and vet bills, the areas of growth in this industry is quite peaked. According to statistics, it is suggested that the spending made by the owners on their pets rose to $72.8 billion in the year of 2018, increasing it by $3 billion almost.
It is also believed that there are chances for the dogs and cats to outnumber humans in terms of population in the US. Pet insurance plans are also on a rapid growth, that is expected the owners to help pay for any kind of procedure without having to bear the same out of their own pockets. The main aim with this is to help the pets live longer.
In today’s date, the percentage of dogs and cats in every household of US amounts to 38.4% for dogs and 25.4% for the cats. People nowadays don’t treat their pets as animals but a part of their family, thus further changing the overall demographics of living on the whole.
Nancy Gee, who is the Director of the Centre For Human Animal Interaction, in an interview with CNBC stated that people a few decades back failed to understand the actual meaning behind animal welfare, thus indulging in acts like leaving them chained to the lawn outside and such. Over the course of years, things have changed for the better.
Gee suggests that the growing understanding of the animal welfare is what is going to help with the prospect of understanding that the animals just want to have a social interaction and be around in that prospect.
Gee, along with one of her colleagues, Rebekah Fox conducted a research and analysis and found that the relationship among the pet owners and the pets have now changed for the better, given that they have become more responsible along the years.
Pet owners, nowadays, are more likely to pay for their pets and ensure that they have just as good of a life that they have as humans. This is a practice that the experts nowadays terms as pet humanisation.
Simeon Hyman, Global Investment Strategist from ProShares, shared with CNBC stating that the rise of the spending on the pet is mainly focused around the demographics. He suggests that the people from cohorts of aging people, empty nesters and even the milennials are the ones who are more likely to make those spending.
Taking that a bait, companies are coming out with even weirder and more expensive items to contribute to the collection of the pet owner. From the medication to the premium foods and the costumes, the pet industry in the US is on the rise. The insurance industry for the pets in US is currently at 1% which is likely to increase within a few years again.
According to a statistic report by CNBC, it is said that an average US household is likely to spend around $662 on their pets. The same has reduced in comparison to the previous year but is still a lot if compared to the 2013 statistics.
Pet healthcare is possibly the most expensive industry of them all and it is no surprise that the pet owners are going out of their way every day to provide their pets with the best life that they could have and enjoy.
The pet industry is less likely to come to a stop anytime in the future, further propagating better ways to increase in terms of the US economy.
By Somapika Dutta