The new needs in the post-pandemic human-pet relationship
The acquisition of pets during the pandemic was a way of coping with this difficult moment in history, as many people spent more time at home and took refuge in the company of their animals. In particular, the adoption of dogs increased worldwide.
Despite this, an investigation by the PetPoint agency revealed that, although pets were a great help during the quarantine, the restrictions also affected their health. Thus, of all the owners surveyed, 62% said that their pet’s quality of life had diminished after the period of confinement. Meanwhile, 41% said they had observed behavioral changes. Among the most frequently cited signs of stress were increased barking, fear of loud or sudden noises, and anxiety when left alone at home.
The well-being of pets or companion animals is nourished by many elements, including their nutrition and health. For this reason, the search for companies that specialize in improving the quality of life of companion animals continues to grow and BBVA New Gen connects you as an investor with industries of interest to you.
For these reasons and also because of a desire for recreation, people want to do more and more activities with their furry companions, which leads to an evolution in the pet friendly industry, as it is possible to observe how shopping malls, department stores, restaurants and hotels are becoming more pet friendly, thus adapting their business model.
Pet friendly industry
According to Euromonitor International, the pet friendly industry will grow up to 2,700 million dollars by 2022, and a powerful driver in this industry is tourism.
Pet friendly tourism is on the rise, hand in hand with a better education of our pets, as well as the prevention and preservation of good health through the application of vaccines and deworming programs, conditions that increase the possibility of being received in any type of business, such as restaurants, hotels and even on beaches.
In a study conducted by Hilton, the company revealed that, at the beginning of the pandemic, about 23 million households in the United States adopted a pet and that 65% of them were interested in traveling with their animals. The company also stated that the pet-friendly filter was the third most used on its booking pages in recent months.
During 2020, there was a 35% increase in spending per pet, which indicates a growing interest of owners to offer new experiences to their pets. Thus, the pet friendly industry is all pros. Many households spend up to 15% of their monthly salary on their pets, which makes them potential customers for pet-friendly tourism offers.
Pet Benefits for Seniors
Companion animals have a long list of advantages for people of all ages, but older adults are among those who benefit most from them. Among some of the benefits, company, physical and mental activity, and stress reduction stand out. For this same reason, the percentage of people who acquired pets during the pandemic is considerably higher compared to previous years.
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.