How have pet owners attitudes toward their pets changed in

Question

CASE ABSTRACT

Americans spend $41 billion a year on their pets. This is double the amount spent on pets a decade ago. "Pet economy" is expected to grow to $52 billion in the next two years.

Money spent on pets go into categories such as food, medicines, and services. Food accounts for 40 percent of all money spent on pets, followed by veterinary care and over-the-counter medicines. As people spend more time, attention, and money on their pets, a number of niches have emerged within this economy. An example of an entrepreneur who has exploited a niche is Gregg A. Miller, whose product Neuticles is a patented testicular implant (for neutered dogs) that sells for $919 a pair. The pet economy shows no signs of slowing down.

DISCUSSION QUESTIONS

1. How have pet owners' attitudes toward their pets changed in recent years?

2. Which part of the pet economy appears to be the most attractive?

3. Why is animal medicine a controversial issue?

Answer 1

Consider the case situation and on the basis of the scenario illustrated below, respond to the following. Americans spend $41 billion a year on their pets. This is twice the amount spent on pets a decade ago. ‘Pet economy’ is anticipated to grow to $52 billion in the subsequent 2 years. Money spent on pets goes to categories like medicines, food and services. Food accounts for 40 % of all money spent on pets, followed via veterinary care and over-the-counter medicines. As people spend more time, attention and money on their pets, a number of niches have appeared in this economy. An illustration of an entrepreneur who has used a niche is Gregg A. Miller, whose product Neuticles is a patented testicular implant that sells for $919 a pair. The pet economy exhibits no signs of slowing down. Q1. Explain how have pet owners' approaches toward their pets changed in latest years? Q2. Name the part of the pet economy appears to be the most attractive?