Pets in The Pandemic 🐕

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Pets in The Pandemic

Have you given your pet more attention during the pandemic? Have you spent more money showering them with toys and food? If you have, that’s ok because so did I. Since people are learning and working remotely, pets are getting more attention from their owners.

According to the CEO of the animal pharmaceutical company, Zoetis, in 2020, pet adoptions rose 15% year over year. People probably have extra time on their hands and what better way to fill that time than with a furry friend? It’s way easier to take care of a pet when you don’t have to drive to the office, so people finally took advantage of the opportunity to add a new member to their family.

The new uptrend in pet ownership is great news for pets and even greater news for the pet industry. More pet adoptions mean more money spent on pet products like food and toys and other things like medicine. Pet companies are benefiting immensely from the new trend in pet ownership.

In just the past 12 months, online pet product retailer Chewy has enjoyed over a 290% increase in their stock price. With many retail stores closed, Chewy has gained new customers, fueling their massive growth. And yesterday, American pet retailer Petco shot up over 63% in its first day of trading. The pandemic has undoubtedly contributed to a pet boom.

Many investors believe the pet industry will continue to do well once the pandemic is over. Since most pet owners won’t just send their pet back to the shelter once the pandemic is over, pet companies could continue to enjoy this growth for a while.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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