Fiscal Policy Case Study

Pet Economy in US: Will it Sustain for Long?

OR

Abstract:
From the early 7000-5800 BC pets have been part of human life. Earlier they were used for hunting, guarding etc. However, as the civilisation evolved, the relationship between pets and human beings gradually changed. Pets were increasingly considered as a part of family, companions and many began to flaunt their pets for social status. Pet owners treated pets as their children and spent heavily on their needs. Seeing the potential of this untapped market many companies like Procter & Gamble (PG), Nestlé (NSRGY) and Polo Ralph Lauren (RL) entered the pet product market. Although companies were trying to satisfy the needs of pet owners, increasing demand of pet owners to get the best for their pets has raised an ethical issue. Also how long would the pet economy sustain is a question that needs to be answered?

Pedagogical Objectives:

• To understand the factors behind the emergence of niche markets
• To analyse the emerging scope of pet products market in US
• To understand the challenges involved in sustaining evolving niche markets.

Keywords : Pets, Changing Lifestyle, Empty Nesters, American Pets Product Manufacturers, Association (APPMA), Fiscal Policy Case Study, Pet Food, Pet Boarding, Pet Veterinary Care, Pet Sitting