Veterinary Industry Summary: May 12–18, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
May 12–18, 2024
For some time now, the big “C” — convenience — has been the dominating factor affecting consumer spending. And while convenience still matters to consumers, another “C” — cost — is playing a bigger role as prices climb.
A new consumer behavior survey conducted by the Capgemini Research Institute found that more than half (52%) of respondents from 11 major economies across the globe are extremely concerned about their personal finances, and 43% said they feared their personal finances would worsen over the next six to nine months.
In weighing costs more heavily in their buying decisions, consumers are shifting toward more white-label purchases, a trend that reveals that brand loyalty can diminish as prices increase.
Rather than simply decreasing prices in response to these consumer trends, brands must focus on providing additional value to their customers. To do so, many companies are working together with other companies in the same market to create communities and build value for their shared customer base.
According to a recent Forbes article, one pet brand is doing just that:
“Purina… is acting in concert with retailers, animal nutritionists, veterinarians, insurance companies, animal daycare, and others to create a themed ecosystem for pet owners. It creates a sense of community, builds loyalty, and hence adds value in ways that set the brand apart from its white-label rivals.”
As veterinary visits decline, practices will need to think outside the box and consider working with other industry organizations to create a valuable pet care community and take the focus off of price.
Check out the Veterinary Industry Tracker for daily stats.
| +2.0% Revenue YoY (Last Week) |
-3.8% Visits YoY (Last Week) |
While still in positive territory at 2.0%, last week’s year-over-year revenue fell from the previous week’s 3.3%. Year-over-year visits also declined last week, dropping to -3.8% from -1.9% the week prior.
 -9.5%Heartworm YoY |
-10.9% Flea/Tick YoY |
 +4.0%Services YoY |
-3.8% Products YoY |
Year-over-year parasiticide protection continued to fall last week. Heartworm and flea/tick protection plunged to -9.5% and -10.9% respectively, dropping from -7.1% and -8.0% respectively the previous week. And, while year-over-year revenue from services was 4.0% last week, it fell from 5.3% the previous week. Revenue from products also declined, falling from the prior week’s -2.3% to -3.8% last week.
| +4.9% Revenue YoY (Last 12 Months) |
-2.1% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows steady improvements in revenue and visits since late April.
| 5,481 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.5K Visits per Practice (Last 12 Months) |
Last week, Colorado and New York enjoyed the highest year-over-year revenue growth, with both states coming in at 7.9%. North Carolina remained on top for year-over-year visits growth at 0.1%, while Iowa trailed closely behind at -0.2%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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