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Pets are increasingly seen as part of our families and you can see it in the pet industry numbers as well. According to the American Pet Products Association (APPA), Americans spent $ 103.6 billion on their pets in 2020. This represents an increase of almost 7% from 2019. Insider Monkey estimates that the market for pets will exceed $ 110 billion in 2021. Over 40% of this amount is spent on pet food and treats, over 30% is spent on veterinary care and products, and over 20% is spent on pet food and treats. spent on supplies, over-the-counter drugs and live animals.
According to the APPA, Americans own more than 63 million dogs, 43 million cats, 11.5 million freshwater fish and 5.7 million birds as pets. Dog owners estimate that they spend an average of $ 426 per year on pet surgery, $ 212 on routine vet visits, and $ 58 on vitamins. The corresponding figures for cat owners are $ 214 for pet surgery, $ 160 for routine vet visits, and $ 54 for vitamins. As you can estimate, pet health expenses are a major and growing expense category for animal lovers.
The pet trade is also recession-proof, which makes sense. Even though we experienced a strong market correction in March 2020, the ProShares Pet Care ETF (PAWZ) outperformed the market during and after the correction. PAWZ âis investing in a range of businesses that could potentially benefit from the proliferation of pet ownership. In this article, we will use this ETF as a criterion.
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