Not many things in today’s economy are deemed ‘stable.’ From booms to recessions, the economy is fickle for most industries, however, the pet industry is projected to remain unscathed. Basic pet care is now on the same level of importance as human survival necessities such as food, shelter, electricity, etc. As pets become more and more integrated into the family, spending for these pets will continue to become a staple in every household.
Business Insider is urging its readers to capitalize on this stability. When a recession (inevitably) hits, the only spending that will remain constant is spending in industries believed to be necessities. Unlike other basic necessity industries, the pet industry is vastly growing. Pet sales are expected to reach $72.1 billion this year, which is up 30% in the last few years. At this rate, investing in the pet industry is a surefire way to remain in business despite economic downturns.
The pet industry is even expanding into other markets such as insurance. According to the North American Pet Health Insurance Association, upwards of 2 million pets are insured in North America alone. The pet industry is growing in terms of increased spending and expanding into new product lines, so it is a good time for businesses to expand their services into the pet market. As long as our families need basic products, so will our pets, making the pet industry more stable than ever.