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Spot Prices Are Rising

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Spot Prices Are Rising

As the pandemic began to bite in 2020, millions of Americans turned to the ultimate form of creature comfort: four-legged companions.

Daily Upside,

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Americans are spending more than ever on their pets, leading to soaring profits and cutthroat competition.

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With 20% of Americans bringing new pets home during the pandemic, the pet supply and veterinary markets have become highly lucrative and even more competitive. In this piece from The Daily Upside, Isobel Hamilton and Pat Trousdale examine the profits and pitfalls of this dog-eat-dog – or dog-eat-petfood-worth-millions – industry.

Summary

Nearly one in five Americans added a cat or dog to their household during the pandemic.

Adding to a trend that was already booming – in part due to animal-oriented social media accounts – more Americans are bringing pets into their lives, and they're spending more money than ever on their new furry and even reptilian friends.

A Harris Poll showed 37% of pet owners would sacrifice a retirement fund contribution for their pets and 27% said they would skip a credit card payment.

Buying pet supplies online ballooned from a 7% penetration...

About the Authors

Isobel Hamilton is a tech journalist who writes for Business Insider. Pat Trousdale is the founder of The Daily Upside.

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