Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA

April 6-12, 2025

While the U.S. inflation rate eased to 2.4% in March, consumer confidence plummeted during the same time, according to the Conference Board’s March 2025 Consumer Confidence Survey.

“Consumers’ expectations were especially gloomy, with pessimism about future business conditions deepening and confidence about future employment prospects falling to a 12-year low,” said Stephanie Guichard, senior economist, global indicators at the Conference Board.

Highlights from the survey include:

• The Consumer Confidence Index fell by 7.2 points to 92.9.
• The Present Situation Index, which is based on consumers’ assessment of current business and labor market conditions, dropped by 3.6 points to 134.5.
• The Expectations Index, which is based on consumers’ short-term outlook for income, business, and labor market conditions, declined 9.6 points to 65.2. This is the lowest level in 12 years and is below the threshold of 80 that usually signals a recession ahead.

Purchasing plans for homes and cars declined, but plans to buy appliances and electronics went up, possibly indicating intentions to buy before tariffs lead to price increases. Consumer confidence will likely affect other discretionary spending as well. And, while year-over-year veterinary industry revenue has continued to climb, increases have slowed in 2025.

 

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+1.5% Revenue YoY (Last Week)

-2.8% Visits YoY (Last Week)

 

Veterinary industry year–over-year revenue jumped to 1.5% last week, an improvement from the previous week’s 0.5%. Visits also improved slightly, climbing from -3.2% to -2.8%.

 

-5.2% Heartworm YoY

-6.8% Flea/Tick YoY

 

 

+2.8% Services YoY

-2.6% Products YoY

 

Year-over-year parasiticide purchases remained down last week, with heartworm at -5.2% and flea/tick at -6.8%, changes from -7.7% and -6.5% respectively the week prior. Revenue from services climbed from 1.7% to 2.8% last week, while year-over-year product revenue sat at -2.6%, a slight change from the previous week’s -3.0%.

 

 

+2.4% Revenue YoY (Last 12 Months)

-2.7% Visits YoY (Last 12 Months)

 

The rolling 14-day trendline showed revenue and visits holding fairly steady since late March.

 

 

5,840 Practices

2.2M Revenue per Practice (Last 12 Months)

10.2K Visits per Practice (Last 12 Months)

 

Hovering at 6.0%, Colorado’s year-over-year revenue growth was higher than any other state again last week. Maryland saw the second-highest revenue growth at 5.2%. No state experienced positive year-over-year growth in visits, but Colorado and Oregon saw the smallest declines at -0.1% each.

*Numbers are subject to change based on data availability and PIMS adjustments.

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