wjr business beat

WJR Business Beat with Jeff Sloan: Pet Care Industry is Booming (Episode 113)

Today, Jeff shares some feel-good news, highlighting a bright spot in business and in life: business in the pet care industry, particularly within the dog sector, is booming! As more people have purchased or adopted dogs in record numbers during the pandemic, that has led to record sales in services and products to take care of those dogs

Online pet product store, Chewy, said it had its busiest quarter ever ending May 3rd, with a 46 percent rise in net sales to $1.62 billion.

Tune in to today’s Business Beat for the full story!

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WJR Business Beat Transcript

Good morning, Kevin.

At a time when there has been so much challenge associated with running our businesses and simply living our lives, there are some positive stories during this time of the pandemic, and one of those just warms my heart.

A recent article in USA Today highlights the story of what is described as perhaps the best year ever for our beloved four-legged canine friends, our best friend: our dogs.

And while it’s been a good year for our dogs, it’s been a great year for the businesses whose business it is to help us take care of our dogs. Put simply, business is booming.

Reasons for the surge and the business of caring for our dogs?

First, we’re home. Many of us are isolated and alone and the cure? A dog to keep us company and love us unconditionally during quarantine.

Second, more people have purchased or adopted dogs in record numbers, and that has led to record sales in services and products to take care of all of those dogs we now share our households with.
Twenty percent of respondents to a Nielsen survey in July said they’ve adopted one more dogs between March and June, up from less than 5 percent over the same time last year.

And the sale of dog related products? Well, dog leash sales increased to 44.6 million up 13 percent for the 24 week period ending August 15th, according to Nielsen, which also reports pet toy sales increased 18 percent to 243 million for the same period.

Online pet product store Chewy said it had its busiest quarter ever ending May 3rd, with a 46 percent rise in net sales to $1.62 billion.

And how about this one? Sales of dog diapers, that’s right, have increased to 24 million for the 24 weeks ending August 15th, up 202 percent from the same period last year, according to that same Nielsen research.

On the services side, visits to vets are surging. Average daily revenue of vet practices increased more than 14 percent from July 1st through the last week of August, compared with the same period last year. Revenue from visits to vets for vaccines rose more than 21 percent during that same period. And a byproduct of all of this business success, shelter euthanasia is down 43 percent because of decreased intake, expanded fostering and an increase in the percentage of pets finding homes with us from January to June of this year,
That’s a feel-good story, highlighting a bright spot in business and in life.

Have a great holiday weekend, everyone!

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat brought to you today by Dell Technologies, on the Great Voice of the Great Lakes, WJR.

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