Poster Number
126
Session Title
Wages and Economics
College
College of Arts and Sciences
Department
Accounting, Finance & Economics
Faculty Mentor
Louis Pantuosco, Ph.D.
Abstract
The pet industry employs over a million people in the United States alone and has continued to grow and flourish every year, without taking a dip or standstill during a recession. This paper dives into the psychology and millennial influence in the pet industry. Janice Arenofsky from the Sage Business Researcher has stated that “the pet industry is considered virtually recession-resistant.” It is rare that any industry doesn’t take a hit during a recession. According to the American Pet Products Association, within the past ten years, the pet industry has nearly doubled in growth every year. The APPA also found that Americans tend to spend more on their pet care than milk, bread, or chicken. It’s come to the conclusion that most millennial households, which usually have children later in life, choose pets and treat them as part of the family. When money is limited, families continue to fund pet-related expenses for their “fur babies.”
Course Assignment
ECON 345 – Pantuosco
Start Date
24-4-2020 12:00 AM
Included in
Millenial Influence on Labor in the Pet Industry
The pet industry employs over a million people in the United States alone and has continued to grow and flourish every year, without taking a dip or standstill during a recession. This paper dives into the psychology and millennial influence in the pet industry. Janice Arenofsky from the Sage Business Researcher has stated that “the pet industry is considered virtually recession-resistant.” It is rare that any industry doesn’t take a hit during a recession. According to the American Pet Products Association, within the past ten years, the pet industry has nearly doubled in growth every year. The APPA also found that Americans tend to spend more on their pet care than milk, bread, or chicken. It’s come to the conclusion that most millennial households, which usually have children later in life, choose pets and treat them as part of the family. When money is limited, families continue to fund pet-related expenses for their “fur babies.”
