Veterinary Industry Summary: December 1–7, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
December 1–7, 2024
The 2024 holiday shopping season has started with a bang. On Cyber Monday alone, shoppers spent $13.3 billion — 7.3% more than Cyber Monday 2023 — making it the biggest online shopping day of all time. And, according to the New York Times, shoppers spent about 15% more on Black Friday than they did the same day last year.
And consumers aren’t just spending more on holiday gifts. They’re spending more on their pets. Recently updated data from Capital One has revealed:
- U.S. pet spending is expected to reach $151 billion this year.
- Global pet product sales are expected to reach $341 billion in 2024.
- U.S. pet owners will spend nearly $67 billion on pet food in 2024.
- The average pet dog costs $143 per month, while the average pet cat costs $90.50 per month.
- Spending on veterinary services and products in the U.S. is expected to grow from $38.3 billion in 2023 to $39.1 billion in 2024.
Learn more on the Capital One website.
Check out the Veterinary Industry Tracker for daily stats.
| +5.1% Revenue YoY (Last Week) |
+1.0% Visits YoY (Last Week) |
After two weeks of ups and downs in the veterinary industry year-over-year numbers because of the Thanksgiving holiday, last week’s numbers returned to normal. Year-over-year revenue was up 5.1% and visits improved to 1.0%, jumps from the pre-Thanksgiving numbers of 0.7% and -4.4% respectively.
 -3.6%Heartworm YoY |
-0.8% Flea/Tick YoY |
 +6.0%Services YoY |
+2.1% Products YoY |
Year-over-year parasiticide purchases also returned to typical values last week. Heartworm purchases were down -3.6% and flea/tick purchases were flat at -0.8%, improvements from the pre-Thanksgiving numbers of -7.6% and -5.6% respectively. Revenue from services was up 6.0% year over year, while revenue from products was up 2.1%, changes from 2.0% and -3.5% respectively before Thanksgiving.
| +2.9% Revenue YoY (Last 12 Months) |
-2.6% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows an increase in visits and a decline in revenue over the past two weeks.
| 5,600 Practices |
2.2M Revenue per Practice (Last 12 Months) |
10.4K Visits per Practice (Last 12 Months) |
Last week, Colorado continued to lead in year-over-year revenue growth at 6.7%, a slight decrease from the 7.2% year-over-year revenue growth the state saw the week prior. Minnesota enjoyed 0.1% year-over-year visits growth — again the only state to see a positive change in visits.
*Numbers are subject to change based on data availability and PIMS adjustments.
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