2023 has been a crazy year for economists. Between major bank failures, inflation, and the debt ceiling crisis, there have been fears of a recession in the next 12 months. While fears have calmed some since early spring, many economists still predict a recession.
Choosing a career in a recession-proof field is always wise. It means you will be far more likely to have steady work while those in less stable industries face lay-offs.
What Is a Recession-Proof Industry?
While no one can guarantee that any industry is 100% recession-proof, there are criteria that make it more likely that those in particular careers will remain employed. The key is to choose an industry that will be in demand no matter what. To do this, find a career that meets a “universal need.”
Bad industries to be in during hard economic times? According to CNBC, during a recession you’ll have the toughest time if you work in:
- Real estate
- Construction
- Manufacturing
- Retail
- Leisure/hospitality
One sure-fire profession to be in if you want to stay employed is medical care–for either humans or animals. Veterinarians, vet techs, and vet assistants will be in demand, recession or no recession.
In general, though, the pet industry has proven to be remarkably recession-proof. NASDAQ reports that during the 2008 recession, the pet industry still managed to grow by 5.1%, and during the more recent recession resulting from Covid-19, it grew 16.2%
As a result, those in animal-related careers like vet assisting, pet grooming, dog training, and dog walking tended to remain employed.
What Makes the Entire Pet Industry Bullet Proof?
A lot of it has to do with how people view their pets these days. A recent Forbes article on pet statistics states that 85% of dog owners and 76% of cat owners see their furry companions as family. They value their pets for the comfort and companionship they provide.
Viewing a dog or cat as a family member obviously makes it harder for a “pet parent” to give them up during hard economic times or to let them go without. As a result, 62% of American pet owners say they would forego such things as eating out, buying new clothes, or going to the gym in order to provide for their pets.
The sheer size of the pet industry is staggering. 66% of American homes have a pet, and as the number grows–which it is predicted to do steadily–the need for accompanying goods and services will grow alongside it.
Just how big an industry are we talking about? According to Forbes, in 2022, pet owners spent $136.8 billion on their animals. That figure is up 10.68% from just two years earlier. By the end of the decade, NASDAQ expects spending on pets to reach $277 billion.
The pet owning demographic is skewing younger, as well. According to Forbes, Millennials and Gen-Zers combined make up 55% of the pet owning population. These generations have proven themselves willing to spend more on pet products and services than the generations that preceded them.
Join the Ranks of the Pet Industry
With everything working together to help make the pet industry as recession proof as possible, it’s a good career bet. Becoming a certified veterinary assistant, dog obedience trainer, pet groomer, or aquarist can set you up for a career that will be in demand whether the economy is rocking or crashing on the rocks.
Animal Behavior College has been training people in recession-proof animal careers for 25 years. Call 800-795-3294 to get started on your own path to a great career!