Americans love their pets. According to the Insurance Information Institute, pets are running the show in 85 million households. This number includes 63.4 million dogs, 42.7 million cats, 11.5 million fish, and 5.7 million birds. (That’s a huge amount of kibble and seed.) But those dear creatures cost money, as they must eat, play, be groomed, and be looked after when they’re ill.
Pet Owners: Could Your Love of Pets Help You in the Stock Market? | Personal-finance
Americans also love making money. So if you’re a pet owner, you might want to follow famed investor Peter Lynch’s advice: “Invest in what you know.” And if you know and love animals, that means investing in the pet industry.
A growing market
If you’re wondering about the market, chew on this bone: In 2019, U.S. households spent $36.9 billion on treats, $19.2 billion on supplies and medicine, $29.3 billion on veterinary care, and $10.3 billion on boarding, grooming, insurance, training, and pet-sitting services. And the market of animal owners only increased during the coronavirus pandemic, when stay-at-home orders led people to adopt new furry friends to stave off loneliness.
Are you ready to invest in an industry that you can relate to? After all, you know how much you love your furry family member (or scaly, if you relish reptiles) and how much money you’ll spend to make sure they stay healthy. There’s even a way for beginners to feel comfortable putting their money where their snouts are — by investing in an exchange-traded fund (ETF). Below are three investments where you can earn enough money — and then some — to take care of your pets for a lifetime.