The pet business has never been bigger. Industry experts now presume that American pet owners will invest about $47 billion on their animals this year alone. Many franchises are reaping the rewards, according to a new report from Franchise Direct.
The franchise portal credits the boom in part to American’s growing love affair with their pets. Today, 62% of US households own at least one pet. You’ll find a pet in 71.4 million American homes, which is a rise of over 20 million pets since 1998. Coinciding with the increase in pet ownership is the development of niche pet franchise markets. Pet owners now spend liberally on luxury pet hotels, vet care and upscale pet products, which are all industries that have been franchised. But the clearest proof of the power of the pet industry is this: when then US economy tanked in 2008, consumer spending on pets remained level.
Pet franchises make up a diverse and growing industry. Pet supply retailers, dog-sitting companies and many more have franchised their business model. In a growing industry like the pet market, consumers turn to companies they trust and know, which is why franchises have boomed.
As for the pet franchise scene, pet food retailers continue to drive the economy. Yet, as pets live longer, owners are also spending more on vet care, grooming, supplies and medicine. Nearly every niche in the industry features a thriving pet franchise.
Many entrepreneurs opt for a pet franchise without having previous experience working with pets. Franchise Direct has found, though, that people who love animals are especially suited to this field. Their passion for pets drives them to big things in life and business. As the Franchise Direct pet franchise report state, pet franchises are in a healthy state and ready for bigger things.
About Franchise Direct: Franchise Direct (www.FranchiseDirect.com) is one of the world's leading portals for franchise and business opportunities. Started as a single website for the promotion of franchises in the US market in 1998, Franchise Direct now operates a suite of six multilingual sites targeting North America and Europe.