Even though the economy sucks, several industries are thriving. I want to encourage you to consider developing products for one of these hot markets- the pet industry!
Not one, but two articles in the Sunday edition of the Modesto Bee noted the success of the pet industry. As one article put it, “The economic downturn has caused us to trim our spending, except when it comes to our pets!” It makes sense. I love my many pets. They’re there for us through thick and thin; to them, everyday might as well be Christmas! Even if times are tough, pets are definitely something Americans enjoy and are willing to spend money on. An average of one thousand dollars is spent on pet cats and fifteen hundred dollars on medium-sized pet dogs in the first year of ownership. The article also informed me that Americans spent over 43 billion dollars on their pets in 2008 – a figure that is expected to increase at least 5% in the next year (according to the American Pet Product Association).
A second article confirmed the success of several companies who produce pet products in the stock market; it might not be the sexiest of topics at a cocktail party, but PetSmart is doing very well. There are over 88 million pet cats and 75 million pet dogs in the United States! PetSmart is projected to keep growing, even in this challenging retail environment. And as if I wasn’t fully convinced, I flipped on the television – only to discover I was watching the “Animal Planet” channel.
Go down to your local pet store! Check out what’s there – all the products you can buy for your pet, including food, toys, and clothing. Pets bring people joy: I think this industry is going to stay hot for a while.
The subject of pets might especially be on my mind because I recently lost my beloved dog, Ginny. She was one of my best friends. Loving your animals doesn’t really ever go out of style.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 25 years. Along with business partner
Andrew Krauss, Stephen runs inventRight,
a company dedicated to educating inventors about selling their ideas
and the skills needed to succeed. You can and listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.