Pet Industry Joins List Of Recession-Resistant Franchise Business Opportunities
Article by Candice Clem
The Associated Press recently released an article that, in the face of economic recession, seemed a little strange. America, and most of the world along with it, faces record-breaking stock market losses, inflation, and unemployment. People are tightening their belts, suffering investment losses, and beginning to cringe at the thought of employee cutbacks. And yet, pet industry numbers are steadily on the rise. As AP writer Ashley Heher puts it in her article Is Pet Industry Recession-Resistant?, “companies that sell everything from organic dog treats to couture-inspired pet toys say business is up even as economic indicators show shoppers are pinching pennies during one of the worst downturns in decades.”
As it turns out, the numbers actually do support the rather unexpected notion that the pet market is in fact recession-resistant. The American Pet Products Association, the leading non-profit group serving the pet industry, has estimated that when the year closes out, America will have spent .3bil on their pets in 2008. Over half of that revenue comes just from pet food and accessories, which the market research agency, Euro-Monitor International, expects to see a continued 13% growth in by 2013.
To some degree, the strength of the industry makes sense, as 63% of the nation