Pet spending update

💸
Pet Spending Update

With the New Year around the corner, it’s a good time to look at the year that was and what lies ahead. This has always been a good time to get out the measuring stick and see what the year has been like, but it does feel like the magic Spotify Wrapped is creeping into all kinds of industries. This week, the VetSource industry update alerted us to a new report from Capital One on pet spending:

Highlights

• Total Spending: Americans will spend $150.6 billion on pets in 2024, projected to reach $200 billion by 2030.

• Global Market: Global pet product sales are expected to total $341 billion in 2024, with a potential market value of $500 billion by 2030.

• Average Costs: The average American pet owner spent $1,960 on their pets in 2023.

Consumer Pet Spending Breakdown in 2024

• Food: $66.9 billion

• Veterinary Services: $39.1 billion

• Supplies and OTC Medicine: $32.0 billion

• Other Services: $12.6 billion

Typical Pet Expenses in 2024

• Dogs: $143 per month.

• Cats: $90.50 per month.

Demographics and Trends

• Household Ownership: 62.4% of American households own pets, with 66.8% of pet owners having dogs.

• E-commerce Growth: U.S. pet owners will spend $28.5 billion online in 2024, projected to grow to $60 billion by 2030.

Pet Insurance

• Premiums: $3.913 billion in 2023, with policies for dogs representing 86.5% of premium dollars.

Overall the trends is a good one for the profession, as it shows a significant and growing investment in pet care and products in the U.S. and globally.

It is also the time of year where the Pet Business Professor gives their yearly round up of spending. This time it seems Boomers are once again spending spending spending. Ok, boomer.

🐕
Is there really hybrid vigor?

We’ve always thought that mixed breeds have some advantages. We’ve seen it first-hand in our own lives, but recent studies debunk the long-held belief that crossbreed dogs are inherently healthier than purebreds.

The Royal Veterinary College conducted research that found no significant health differences between popular designer crossbreeds, such as Labradoodles, and their purebred ancestors. This challenges the assumption that mixing breeds results in healthier dogs. While it is true that some purebred dogs are predisposed to specific health disorders due to inbreeding and extreme physical traits, the Dog Aging Project suggests that purebred dogs might actually be less likely to experience common medical conditions than mixed-breed dogs.

However, it’s important to note that both studies relied on owner-reported data, which can be less accurate than veterinary assessments. This reliance on subjective data highlights the need for more rigorous, objective research in the future. Ongoing studies aim to compare the health of dogs with extreme physical traits to those of crossbreeds and purebreds with fewer extreme traits. These future investigations will help clarify the true impact of breeding practices on canine health, providing a more comprehensive understanding of how different breeding methods affect the overall well-being of dogs.

Read the full story on VIN News.

👩‍⚕️
A Veterinarian Overcomes

Trigger Warning: This article discusses mental health struggles, alcoholism, and suicide.

This week, veterinarian Kirstie Pickles shared her journey of overcoming alcoholism with the BBC, which she initially used to cope with the emotional stress of being a veterinarian.

Despite the challenges, including a suicide attempt, Kirstie has been sober for 13 years. She now focuses on helping others in the veterinary field with mental health and neurodiversity issues. A study by Oxford Brookes University highlights the normalization of alcohol use in the veterinary profession and the need for more supportive workplace environments. Kirstie has found healthy coping strategies and is dedicated to improving mental health awareness and support within her industry. Her story underscores the need for more supportive workplace environments and open conversations about mental health in the veterinary profession. Her journey from struggle to advocacy serves as a beacon of hope and a call to action for better mental health support in the field.

Well done, Kirstie. We love to see it.

🚀 
Quick Hits

Here are some of the other stories that caught our eye and we're following this week from around the veterinary world and animal kingdom: