people turn for companionship and support? To their pets, of course! People have deep respect and admiration for their pets. Nationwide, pet love is one of the reasons sales in the pet industry have risen at least $2 billion annually in each of the past four years, the APPA reports. An Associated Press-Petside.com poll released last month found that half of all American pet owners consider their pets as much a part of the family as any other person in the household. In recent years, the American unemployment rate has reached a 30 year high (9-10 percent overall), American income levels have been steadily declining, and poverty rates have been increasing. However, when it comes to pets, Americans are spending more money than ever before, and a time when most American industries are struggling to stay afloat, U.S. pet market is expected to grow a 7.1-percent compound annual rate from 2008 to 2013.
People rely on their pets to keep them happy and pets have been proven to lower stress and increase contentment in households. Despite economic hard times, when people come home to their pets, they tend to forget about problems in their lives and spend time appreciating the pleasure and happiness their pets bring to them. Because of the economy going through hard times, there is a human and pet bond stronger than ever. Many pet owners view their pets as members of the family, with regard to which they would no more take lightly any serious cutbacks on spending than they would for their kids, and in many cases only after reducing spending on their own less essential needs (Packaged Facts). Pets are always there for their owner, and are loyal to them, so people don’t have anything against their companion. In bad times value trumps luxury, and companion animals will continue to be a growing part of our society (bryanjaf). “People will find other ways to cut back, the last thing they want to do is give... [continues]
Cite This Essay
(2010, 12). Pet Industry Thriving Despite Economic Hard Times. StudyMode.com. Retrieved 12, 2010, from http://www.studymode.com/essays/Pet-Industry-Thriving-Despite-Economic-Hard-522762.html
"Pet Industry Thriving Despite Economic Hard Times" StudyMode.com. 12 2010. 12 2010 <http://www.studymode.com/essays/Pet-Industry-Thriving-Despite-Economic-Hard-522762.html>.
"Pet Industry Thriving Despite Economic Hard Times." StudyMode.com. 12, 2010. Accessed 12, 2010. http://www.studymode.com/essays/Pet-Industry-Thriving-Despite-Economic-Hard-522762.html.