3 Upscale Pet Business Ideas To Take Advantage Of Amidst The Rising Pet Industry
Below is a list of upscale pet business ideas. The pet business has been on an upscale trajectory for the last couple of years. Animal lovers are now allotting more of their budget for their pets. So, opening up a pet-centric business could be lucrative for those who love animals and are willing to put in the work.
Pet App Developer
Apps are the basics to any business whether it is pet-related or not. Current pet apps connect pet parents to the services their pet needs and to other owners in their community. Pet apps are also a great source of information for owners. There are apps for almost any pet needs including travel apps for information on pet-friendly hotels and restaurants, socialization apps for playdates with other parents and their pets, and healthcare apps which save pet health records or keep track of their general fitness, reported techdayHQ.
Pet Business Marketing
This pet business is made for other pet businesses. The idea is to help other pet business market their goods and services whether that be through blogging, social media, etc, reported The Balances MB.
Pet Brand Manager
Human celebrities have a brand manager to make sure that anything they endorse, create, sell, and even the people they surround themselves with are on brand or contribute to the picture they want to depict of themselves in society. Well, there are celebrity pets too, like Grumpy Cat, who could need a brand manager, stated Small Biz Trends.
In 2017, animal lovers spent around $69 billion on their pets, reported the American Pet Products Association (APPA). In 2018, pet owners are estimated to spend even more money, specifically, $72 billion. The APPA’s statistics only prove that the pet industry continues to grow.
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Based on the organization’s findings, a big chunk of the pet industry’s expenditure comes from pet food, medicine, and vet care. Pet owners spent $29 billion on pet food, $15 billion on supplies and over-the-counter medicines for their pets, and $17 billion on vet care in 2017. The amount of money pet owners are spending on vet care is predicted to significantly increase in 2018 to $18 billion, while pet foods and supplies/OTC medicines are expected to have incremental increases.
According to PetMD, the attitude toward pet ownership is beginning to evolve which may be contributing to the rise of the pet industry. Pets are now considered family members and pet parents pamper their furry children.
JJ Kinahan, the chief strategist at TD Ameritrade, told U.S. News that owners are humanizing their pets. As such they don’t deem any pet costs as discretionary spending, but necessary expenses to care for their pet, even if there is a tight budget. It is predicted that pet parents who can afford more are willing to spend more on their pets.
