Source: Vetsource
A mid-year update from the Pet Business Professor reported a significant increase in non-Veterinary pet services spending, reaching $12.77 billion in the first half of 2023, a 17.5% rise from the previous year. This segment, the smallest and most discretionary, is largely driven by higher-income households, less impacted by inflation. Surprisingly, spending by self-employed individuals, those with a bachelor’s degree, and baby boomers declined. The update predicts continued growth in this sector into 2024.
In the Veterinary industry, year-over-year revenue was flat at 0.9% last week, with visits down to -3.5%. Heartworm and flea/tick protection sales dropped significantly. Services revenue grew by 2.3%, while product revenue fell by 3.3%. Over the past 12 months, revenue grew by 4.3%, though visits declined by 2.2%. New Mexico led in revenue growth, while West Virginia showed slight positive growth in visits.
Read the full story HERE: https://veterinaryanalytics.com/blog/veterinary-industry-summary-july-7-13-2024/