According to a study by Pew Research, more than half of Americans feel that the current pandemic has changed their lives forever. Surely, the way we work, distract ourselves, socialize—or don’t socialize, as the case may be—has been disrupted. But many other aspects of our daily routines have been altered—right down to the furry family members who’ve kept us company through the harrowing journey of self-isolation. For many people, pets have been the unsung heroes of the pandemic, providing countless hours of safe entertainment and love we can always count on to keep our spirits up in the face of these unprecedented challenges.
Pets by the Numbers
What’s new with pets right now? For one thing, there are more of them! Pet adoptions skyrocketed during the early months of the pandemic, creating an actual “inventory” shortage at many shelters (unbelievable as it may sound). Sales of pedigree dogs also took off, in some cases followed by a sharp increase in puppy prices, proving that the market rules even apply to cats and canines, too. The main force behind this sudden uptick in pet ownership? Unsurprisingly, the culprit seems to be loneliness. A new study conducted by Money.com and Morning Consult revealed that more than half of new pet owners chose to bring Sparky or Oreo home to alleviate the uncomfortable sense of solitude they experienced when homes, workplaces, and social spots were under lockdown.
As a direct result of this, the pet care industry is booming. According to the American Pet Products Association, sales of pet supplies and veterinary care in the US exceeded $99 billion in 2021. Petco, for example, reported a 10% increase in year-over-year sales between 2019 and 2020. The company, which retired its stock ticker some years ago is now publicly traded again under the moniker WOOF.
How Much Do We Love Our Pets?
An incredible amount. Even so, the pandemic has only served to further increase the bond between pets and pet parents. According to the Money/Morning Consult study previously noted, six out of ten pet owners report growing closer to their pets more since the start of the global pandemic. More than half say they’re even more affectionate towards them now than they were a year ago–it seems humans are finally as clingy as their dogs! And here’s another, more obvious societal measure of our attachment to our pets: two-thirds of pet owners said they would spend any amount of money to save their pets’ lives, while more than 80% say they’d spend any amount they could afford.
What’s the Price of Pet Protection?
The pet health insurance industry was already enjoying steady growth since before COVID-19 struck, so its double-digit growth since the start of the pandemic only served to intensify that trend. That makes sense, to a degree: more pets = more policies sold. But the increase can also be traced back to our emotional connection to our pets. We’re increasingly treating our pets like children and making their health a top priority. Employees have been barking for pet insurance as a paid benefit and corporations are responding now more than ever. One out of three Fortune 500 companies now offers some form of pet insurance benefit, with smaller companies following suit. The Society for Human Resources Management reports that 15% of all employers now provide access to pet coverage.
The Future of The Pet Care Industry
In less than 10 years, the value of the pet care industry has doubled. From fresh and organic foods delivered to pet owners’ doorsteps to CBD products to soothe anxious pandemic pups, the industry has been flooded with continuous innovation. Pet insurance companies have gone mobile, with some even providing telehealth services for pets 24/7. Fueled in equal parts by technology and our own emotional needs, the pet product and services sector is slated for solid, sustained growth according to industry analysts.
You’ve come a long way, Skipper–and you’re getting even more of the love you deserve.
Author Bio:
Susan Doktor is a journalist, business strategist, and principal at Branddoktor. She writes on a wide range of subjects including finance, technology, and family life. Follow her on Twitter @branddoktor.
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