The current economic recession has collapsed several large financial institutions and has made many markets struggle for the past few years. Despite the fact that many Americans cannot afford many desired luxury items due to the recession, people still invest in items that are more lovable than luxurious. The pet industry has continued to grow despite the current economic slump.

Ellen Warren, the Chicago Tribune senior correspondent wrote an article called For Owners, It’s More Than Puppy Love and stated, “Instead of investing in a human baby (and his college education), we’re getting started with dogs, cats, birds, fish.” According to American Pet Products Association’s (APPA) statistics, $2.21 billion was spent on live animal purchases in the United States this year. This goes to show that Americans are buying pet companions regardless of the economic recession and slump our country is in. The article also states, “the recession might be a blessing for people who make their living from pets. The worse we feel, the more we cherish (and spend on) our animals.” For those who cannot afford children, owning an animal is the next best option. APPA also stated that $18.28 billion has been spent on food for pets, $11.01 billion on supplies/OTC Medicine, $12.79 on Vet Care and $3.45 billion on pet services such as grooming and boarding. The relationship between humans and pet companions is invaluable.

Not only are pet companions for humans, but they also give their owners health benefits. Jeanie Lerche Davis, professional health and medicine write, wrote an article titled 5 Ways Pets Can Improve Your Health. In the article, she stated, “ Pets help lower blood pressure and lessen anxiety. They boost our immunity… can provide exercise and companionship.” During this stressful time, these health benefits are especially valuable for reviving the nation.

Amongst all of the markets and industries that are struggling, it is surprising the pet purchasing industry is on the rise. Although the times are financially difficult, it does not stop owners continued efforts to provide for their animals.

By: Katharine MacCaskill

http://www.webmd.com/hypertension-high-blood-pressure/features/health-benefits-of-petshttp://www.americanpetproducts.org/press_industrytrends.asp

http://articles.chicagotribune.com/2010-04-29/features/sc-fash-0429-ellen-pet-shopping-column_1_bob-vetere-american-pet-products-association-pet-spending

http://useconomy.about.com/od/grossdomesticproduct/a/cause_recession.htm

http://weblogs.baltimoresun.com/features/mutts/blog/2009/06/even_in_recession_pet_industry.html

Advertisements