The day after Thanksgiving, better known a 'Black Friday', has been traditionally one of the busiest and most frantic shopping days of the year. This season however, the onset of a recession-like economy has pet retailers fearing sales might not live up to past performances.
Despite the warmth and good cheer exuded by the sigh of festive decorations, the uncertain economic climate is casting a chill and making pet owner re-evaluate their holiday spending habits. With the economy looming as a growing concern, pet owners are cutting back on toys, food and medical care. In the article Pet Stocks are Going to the Dogs, shares of PetSmart, VCA Antech and others reflect the economic pressures the pet industry is enduring. According to the article, stock prices have fallen sharply over the last couple of months and many stocks have lost a third or even more of their value over the last 12 months. The article advises investors to be aware that the public's fondness for their pets will not provide compete refuge from an ugly stock market.
Pet owners are now turning to discount stores for supplies and some are even delaying or skipping preventative medical treatments such as teeth cleaning, vaccinations and routine laboratory tests. Although consumers have pulled back on sales of toys and other discretionary items, we must remember, this does not mean they are giving up on their pets entirely.
Fortunately, Americans view their pets as family and showering them with gifts and providing them the most premium care is important. Pet owners will continue to spend money on their pets regardless of the economy because of their unyielding love and care for their furry companions. If anything, Americans will sacrifice a few personal luxuries in effort to provide for pets in times of financial hardship. The American Pet Products Association National Pet Owners Survey suggests Americans still remain madly in love with their pets given that $41 billion was spent on the care and comfort of pets through out the last year.
Although the season not be so merry for retailers as the nation's economic troubles continue, it will not impede the growth of the pet industry completely. Pet specialty services, veterinary services and high end products still continue to thrive and will carry on the strength of the industry.
http://www.prweb.com/releases/2008/12/prweb1683814.htm
Posted by: Tina Cannon | December 03, 2008 at 11:20 AM