Economic crisis slows rise of pet ownership

the world is facing one economic crisis caused by the inflation wave It also affects Spain. In this sense, the inter-year rate of the Consumer Price Index (CPI), which corresponds to the last month of September, was 8.9%, breaking historical records by exceeding 10% in recent months.

The impact of the economy is ubiquitous, and that of pets is no exception. This seems to show preliminary results. demographics and pet ownership survey 2022 from the American Veterinary Medical Association (AVMA).

In the research, they draw attention to the increase in the expenditures of cat and dog owners on veterinary services between the years 2020-2022. Like this average annual expenses for veterinary visits for households with dogs 224 dollars in 2020, 362 euros in 2022. For households with cats, the median annual spending on vet visits was $189 in 2020 and $321 in 2022. in 2022.

The price that pet keepers were willing to pay (6%) and lack of money (9%) were some of the reasons cited by pet owners. not seeing the vet in the last two years. Thus, the owners felt they didn’t need the service (54%), they did it themselves (18%) or thought it wasn’t worth it.

Rosemary RadichThe former Senior Data Scientist of the AVMA Department of Veterinary Economics adds that in a presentation of the survey during the AVMA Veterinary Economics and Business Forum, lack of time or problems with getting to the clinic were cited less than 10% of the time. to delay veterinary visits.

” value perceived —that the owner is willing to pay— is the key to customer loyaltysaid Radich.

DOG PROPERTY IS AFFECTED BY THE ECONOMY

The size of the US pet population, according to the survey Growing in the last six years, especially in 2020, during the Covid-19 pandemic, but this has stabilized over the past year. However, this only seems to affect dogs.

Therefore, the survey shows that the percentage of American households owning at least one dog is increasing. 38% to 45% between 2016 and 2020but stabilized in 2022. However, cats are becoming more popular, with the percentage of households owning at least one cat increasing slightly between 2016 and 2020, from 25% to 26% and then to 29% in 2022.

During his talk, Radich highlighted the trends in pet ownership in the United States. decline in horse ownership From 0.7% to 0.5% of households between 2016 and 2022.

AVMA analysis, influences home ownership and household income for a dog ownership fee. “Dog populations are mainly affected by the overall economy,” Radich said.

So much so that as the number of households with dogs increased between 2016 and 2020, similar model hostedSomething happened to the median of family income, which rose from 63.5% in the first quarter of 2016 to 65.3% in the first quarter of 2020, and then increased slightly to 65.4% in the first quarter of 2022, out of $66,700 2016 to $70,800 in 2021, less than in 2020.

This relationship is further supported by looking at who is adopting the dogs. In 2020, at the height of the Covid-19 pandemic, people working remotely they were eight times more likely to own a pet.

“We heard this narrative, people who work from home have more time and potentially more money because they didn’t have to travel, owning these pets, and we see that supported by the data,” Radich said.

HIGH INCOME PEOPLE MORE LIKELY TO HAVE A DOG

The 2020 data also shows the winners of the hosts. more than $100,000 a year, was three times more likely from having a pet. In fact, those who said their finances were the same or better were twice as likely to buy a pet. On the other hand, people under the age of 45 who are married and have children are six times more likely to own a pet.

However, this trend in higher pet acquisition rate seems to be slowing down, according to data for 2021-22. “Homeowners, people with higher household incomes, and people working remotely were still more likely to have a pet in 2021 or 2022, but we don’t see the numbers as high as in 2020,” Radich said.

Expert, The pandemic was a period of change and transition.It’s like working from home instead of an office. “For many people, adding a pet to their lives was part of that change. Those days are almost over,” Radich said, and the community has essentially stabilized.

“For a short time, people had pets. because they had more time. “The reason for having a pet right now, as it was before Covid-19, is more for friendship,” he said.

For Radich, all this shows that The demand for pets is largely dependent on the economy and the labor market affected by economic crises, such as remote work, home ownership or family income.

“To really understand where we’re going in terms of pet ownership and pet populations in the future, we really need to check. where is the economy going” he concludes.