Pet Benefits for Seniors
Pets or companion animals have a long list of benefits for people of all ages. However, the advantages of having a pet for older adults has been an important factor in driving this industry, which grew considerably in 2021 due to the pandemic.
In fact, a survey conducted by the University of Michigan shows that 10% of all Americans between the ages of 50 and 80 acquired a new pet between March 2020 and January 2021.
Pets' influence on their owners' investment decisions
Pets represent a decision variable when choosing to invest in a house, in a car, in travel, in their own care or simply in leisure activities.
Pets and seniors: a powerful team
Some of the benefits of pets for older adults include:
- The stimulation of the mind through games, movements and the pet’s need for attention.
- Reduction of insomnia, anxiety, depression, nerves, among others.
- Sense of security for the elderly
- Decreased feeling of loneliness
- Exercise motivation and stress reduction
These benefits are just some of a long list, and yet, they are the ones that help combat problems of the elderly that are increasingly common: loneliness, sedentary lifestyle, feeling of company at home, among others.
Types of pets: Dogs, cats or reptiles?
If you are in search of the perfect companion animal, aspects of the breeds that will enhance the aforementioned benefits must be taken into account. There are breeds of dogs and cats with a lot of energy, which can be a benefit, but if the person who will take care of the pet does not have the energy level, it can have a counterproductive effect for one or the other.
The size that your pet can reach is also an important aspect, both for space and handling issues.
Regarding the type of pet, it is more common for older adults to have cats, since they are more manageable and independent than dogs, they require a lower level of energy and, depending on the breed, less care.
Along the same lines as low-maintenance pets are fish and some reptiles, such as small lizards, that can offer companionship and interaction with minimal care.
A popular and growing industry
The aforementioned benefits have resulted in a boost to the pet industry and multiple branches related to these, for example, health, clothing, insurance, among others.
The constant growth of the decision to have a pet at home has, in turn, driven investment in the industry as a way to enhance care for pets and benefits for the elderly.
BBVA New Gen knows that this trend will continue to rise and has therefore included it in its list of trends to offer investors a variety of investment possibilities in the world of pets.
Diversify your portfolio by investing in man’s best friends, animals!
Financial investment in pets' health sector
The so-called 'humanization of pets' keeps the pet health and wellness sector on the rise, with an estimated annual growth of around 5% in the global market for related products and services.
Contributions of technology for veterinary medicine
Technology has powered virtually every industry. Among them, veterinary medicine continues to evolve thanks to technological advances that have put the welfare of pets and animals ahead, investigating their diet, way of life and necessary care.