If you want to become your own boss and are looking at pet franchises, there are many aspects that you will want to think about. Many pet franchises talk about how the industry is recession proof- but what does this mean? Here’s what you need to know.
The Numbers from the Recession
The recession that lasted from 2008 into 2010 (or 2011 depending on where you live) was devastating for people as well as for businesses. Almost every industry saw catastrophic losses that year due to the crash of the economy and the plunging unemployment rate. However, this is not what the pet industry looked like. In fact, the industry saw an increase in revenue during this economic downturn. In fact, from 2008 to 2011, the pet industry increased its yearly revenue from $43 billion to $53 billion. These numbers may sound impressive, but this is not where the growth for the pet industry stopped. Pet spending has continued to grow every year and is projected to continue for the foreseeable future.
Why is the Pet Industry Recession Proof
There are a few reasons why pet franchises are recession proof. One of the reasons is that more and more people are owning pets than ever before. As more people own pets, the spending for the industry goes up. However, it goes deeper than this. Studies have found that most people are more willing to forego buying things for themselves in order to give their pets the necessities and luxuries they deserve. People have also become much more wellness minded, not only for themselves but also with their pets. People want to give their pets the best they can to ensure that they live long, happy lives. When you add in all these components it is easy to see where the
What Does this Mean for Pet Franchises
Once you understand the way the pet industry is unaffected by the market crash, it is important to understand what this means to individual pet franchises. While this may currently be a $73 billion industry, it does not mean that this is what your business will make in a year. Rather, you can expect that when you choose the right franchise and have the proper marketing plan in place that you will be successful. There are many aspects that go into determining how much the pet franchises can make.