VIRGINIA BEACH, VA / ACCESSWIRE / February 28, 2024 / Millennials and their “fur babies” are at the center of modern society. As millennials increasingly delay major life milestones like marriage, children and buying a home, pets seem to be left out. From 2024, 66% of American households own a pet, and more than half of pet owners consider their pet as much a part of the family as human family members. Isolation during the pandemic has dramatically increased pet ownership, with 78% of those surveyed pet owners are taking pets during the pandemic. However, the increase in pet ownership caused by COVID-19 is only one part of the puzzle. As the cost of living and inflation continue to rise while the threat of climate change burns in the background, many millennials see pets as an economical and ethical choice for companionship.
These pet owners are willing to make sacrifices to keep their furry friends happy and healthy. almost 40% of pet owners live on a tighter budget to cover their pet’s expenses, and 36% of dog owners report that they spend more than $4,000 on out-of -pocket life-saving medical care for their dogs. Pet owners are also willing to make compromises in other areas of their lives to support being a dog parent; according to Forbes Advisor’s survey of 10,000 dog owners, 7.47% of dog owners stayed in a job they didn’t like because it allowed them to work remotely and 6.78% broke up with their partner who didn’t like their dog
Another recent survey showed that more than half of pet owners do the same take out a loan before cutting their pet budget. These changing perspectives correspond closely to the humanization of domestic animals. Pets are increasingly seen as members of the family, leading to increased demand for high-quality services such as better veterinary care, pet insurance, organic food and unique pet experiences animal Pet industries across the board are experiencing growth as a result. Americans spent $136.8 billion in their livestock in 2022, which is a 10.68% increase from 2021 and a 51.16% increase from 2018.
There has also been an increase in services and companies that cater to pets such as Chewy Inc., Don’t! Group and Inspire Veterinary Partners Inc. (NASDAQ: IVP). While companies like Wag! offers pet care as an employee benefit, as do others Freshpet is at the forefront of this movement toward advanced personalized nutrition for pets, with a focus on high-quality, specialty pet food products.
As an employee-owned veterinary group, Inspire Veterinary Partners is another innovator in the space. The company specializes in owning and operating veterinary hospitals in the United States, with a focus on small animal general practice hospitals that serve companion pets – including purebred dogs and cats – as well as that is also the care of the horse. For veterinarians and pet owners, this may feel like a breath of fresh air as large consolidators currently own approx. 50% of all veterinary hospital revenue In us
One of the core principles of Inspire Veterinary Partners is making ownership transitions healthy for employees, pet owners and pets. It aims to create a seamless and positive experience for veterinary teams and the patients they serve. But what really sets Inspire Veterinary Partners apart is their unique equity model. As the first employee-owned veterinary team, its practices are about to launch plans to offer equity to vets and team members, allowing them to share in the rewards of assisted practice. they develop.
The pet services industry is set to grow at a compound annual growth rate (CAGR) of 8% over 2022-2030, reaching an expected total $277 billion. As this industry continues to expand, companies like Inspire Veterinary Partners seem well-positioned to take advantage of the market and change the way we as a society view veterinary care.
Featured image by Kate Stone Matheson in Unsplash.
Please contact:
Kevin McGrath
[email protected]
SOURCE: Inspire Veterinary Partners, Inc.
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