This week, the headlines of a major Maine newspaper celebrated something close to our heart at IDEXX—the growing devotion people feel for their pets.
An article in the Portland Press Herald took a close look at the growing, multi-billion-dollar economic impact of the pet industry in the U.S., featuring IDEXX and CEO Jon Ayers as key players in this upward trend.
Pet care is now one of the nation’s fastest-growing industries, according to a study by George Mason University. This growth is fueled in part by an increase in pet owners—and a more prevalent view of pets as loved and valued family members, not just furry friends.
We’ve heard a similar message before, from Mad Money host Jim Cramer, who welcomed Jon to the program several times in 2016. In a recent broadcast, Cramer spoke to the power of pet care: “… the best secular growth story in the world right now isn’t the Internet of Things or cloud adoption or social or mobile … if you’re looking for a rising tide, I say look at the growth of spending on companion animals.”
The Press Herald also highlights IDEXX’s own pet owner research, based on U.S. customer surveys—which showed that, more and more, pet owners are looking for and investing in quality veterinary care. And that number looks to be growing even more with our younger pet owners. According to our data, 87 percent of millennials say they are willing to spend money to improve their pets’ health.
Jon added to this with another compelling fact: “Fifty-seven percent of millennials said pets make them happier than anything else in their lives. In both cases, the positive response from millennials was higher than from other age groups such as baby boomers.”
No matter the generation, the news is out—our love for pets is a business worth investing in.