Source: Today’s Veterinary Business
The Veterinary profession faces economic challenges as pet owner spending declines amid a potential recession, according to AVMA economists Katelyn McCullock and Dr. Chris Doherty at the WVC Annual Conference. Key factors include rising credit dependence, government layoffs, and tariff policies that could impact pet owners’ financial decisions.
Despite this, opportunities exist. The U.S. pet population continues to grow, with nearly 90 million dogs and increased Veterinary visits (69.1%), though the gap between visits is widening. A growing number of pet owners (88.8% of dog owners, 84.7% of cat owners) view pets as family, indicating potential for re-engagement.
However, real Veterinary incomes have stagnated, with wages comparable to 2000 levels, and new graduates face fewer job offers. On a positive note, work-life balance is improving, with veterinarians working fewer hours than during pandemic peaks, signaling a return to pre-pandemic norms.
Read the full story HERE: https://todaysveterinarybusiness.com/veterinary-economic-pet-forecast-030425/