Last week my blog revealed the number of U.S. families that have a pet. And today I want to focus on the significant economic impact that pet parents have. We’re talking here about an estimated 85 million households that have a dog or a cat, or both. Or even more than just a couple of pets. And this is a number that’s steadily growing.
How Many Pets?
So, what are we really dealing with here? Well, in this country (the USA), there are approximately 94.2 million cats and 89.7 million dogs that have a human family. This not only means that more canines and felines have a home, which is a very encouraging trend in and of itself. It is also resulting in an increasing demand for products and services related to their care. Simply put, animal lovers are boosting business!
Products And Services For Pets
Pet parents’ economic impact is measured by their demand for products and services which is determined by lifestyle and empathy.
As you will have read in my very first blog, we are treating our companion animals as true companions and members of the family. They live indoors, not in the outdoor kennels of decades past. Many are allowed to sleep on the bed. And, if their caregivers love the outdoors and the water, Fido will join the family on boat rides while he wears the latest technology in doggy life jackets.
As a result, pet guardians who are financially secure tend to choose products and services of higher quality. These include food, grooming, toys and medical care. Really what they are doing is treating their four-legged family members just like they would a child.
Business And Job Opportunities
Business in the pet sector is booming. According to the Bureau of Labor Statistics, job opportunities in the pet industry are expected to grow 11 percent over the 10-year period from 2014 to 2024. And, interestingly, businesses are employing people of all ages with a wide variety of skill sets. Sought after positions range from retail assistants, certified groomers, administrative personnel and highly specialized veterinary surgeons.
This, of course, also creates business opportunities for entrepreneurs who can zero in on an innovative idea and offer something that consumers will craving for. Success stories that readily come to mind are treadmills specifically for dogs to exercise indoors and de-shedding tools designed for long-haired cats.
To Sum Up
It is this bond between humans and their companion animals which is the driving force that has boosted the pet industry and this area of the economy. It’s a fact that is very noticeably in the messaging of so many advertising campaigns.
For more on this topic, please join me next week when we analyze how much people are spending on their pets. There are some very interesting statistics. You won’t want to miss out!