IBISWorld, an independent source for industry and market research, released a report recently that indicates collective revenue from pet stores, veterinarians, grooming and boarding, and online pet supplies is expected to topple $51.6 billion in the year 2012. Comparatively, the entire wedding services industry (including food, drinks, flowers, photography, et al) will reach $49.4 billion in 2012.
The report reveals that high adoption rates in the time period from 2003 to 2005 of dogs and cats has lead to a demand for pet-related goods and services throughout recession-laden years, like 2009. Resulting from the demand, pet store revenues are reported to have a 2.8 percent annualized rate. It is revealed that unlike home or car repairs, household pets and their needs cannot be delayed.
The report cites that for many, owning a pet has been a viable alternative to parenting children. The American Pet Products Association (APPA) reported that the numbers of people owning pets has increased. In addition, the Bureau of Economic Analysis reported that per capita disposable has been affected with the consumers’ ability to spend on discretionary items.
As disposable income lessened in 2009, the number of cats and dogs as pets increased to 3.6 percent. The number of actual births in American households fell from 2008 to 2010 per the National Center for Health Statistics. It is believed that pet parenting has somewhat replaced traditional parenting in many of these cases.
IBISWorld services include business, professional, and government organizations throughout more than 10 locations worldwide. Learn more about purchasing the report at www.ibisworld.com.