Cats are Where its At
The dog daycare and boarding centers will tell you that the US has gone to the dogs but those looking under the fold know that there are more cats owned and cared for in the US than dogs. In fact, cat ownership exceeded dog ownership as early as 2004. As of 2018, there are estimated to be 2.1 cats per family in the US – compared to 1.2 dogs per dog owning family. It is a more affluent demographic, a more travel-ready demographic, and a demographic with little or no options in their respective markets.
Virtually recession proof, this industry has grown every year since 2004. Last year the pet industry reached the 90 billion dollar benchmark and is projected to exceed 100 billion by 2020.
“Over the five years to 2018, revenue is anticipated to grow at an annualized rate of 6.8% to $8.2 billion, reflecting a rise in consumer spending toward price-premium pet services. Revenue has posted consistent gains and is continuing to outpace the overall economy, with an increase of 1.7% in 2018 alone. Pet parents have been purchasing a greater range of high-value services for their pets, contributing to industry revenue growth.” Credit: IBIS World