2023 has been a crazy year for economists. Between major bank failures, inflation and the debt ceiling crisis, there are fears of a recession within the next 12 months. Although fears have subsided since the start of the spring, many economists are still predicting a recession.
Choosing a career in a recession-proof field is always smart. This means that you will be much more likely to have a stable job, while those in less stable sectors will face layoffs.
What is a recession proof industry?
While no one can guarantee that a sector is 100% recession proof, there are criteria that make it more likely that you will stay employed in a given career. 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 operate in during tough economic times? According to CNBCduring a recession, you will have the toughest time if you work in:
- Real estate
- Construction
- Manufacturing
- Retail
- Leisure/Hospitality
A surefire profession if you want to keep your job is that of medical care, whether for humans or animals. Veterinarians, vet techs, and vet assistants will be in demand, recession or no recession.
In general, however, 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 in the more recent recession resulting from Covid-19, it grew by 16.2%.
As a result, those in animal-related careers, such as veterinary assisting, pet grooming, dog training, and dog walking, tend to keep their jobs.
What makes the entire pet industry bulletproof?
Much of it depends on how people perceive their pets these days. A recent Forbes An article on pet statistics indicates that 85% of dog owners and 76% of cat owners consider their four-legged companions family. They value their pets for the comfort and companionship they provide.
Thinking of a dog or cat as part of the family obviously makes it harder for a “pet parent” to give it up during tough economic times or let it go without. Therefore, 62% of US pet owners say they would give up things like eating out, buying new clothes or going to the gym to support their pets.
The sheer size of the pet industry is staggering. 66% of American households have a pet, and as that number grows – which is expected to happen on a regular basis – the need for accompanying goods and services will grow along with it.
What size industry are we talking about? According to Forbes, in 2022, pet owners spent $136.8 billion on their pets. This figure is up 10.68% from just two years earlier. By the end of the decade, NASDAQ expects pet spending to reach $277 billion.
The population of pet owners is also younger. According to Forbes, Millennials and Gen Z together make up 55% of the pet-owning population. These generations have shown a willingness to spend more on pet products and services than the generations before them.
Join the ranks of the pet industry
With all that helping to make the pet industry as recession proof as possible, it’s a good career bet. Become certified veterinary assistant, dog obedience trainer, pet groomerOr aquarist can prepare you for a career that will be in high demand whether the economy is booming or down.
College of Animal Behavior for 25 years has been training people in recession-proof animal care professions. Call 800-795-3294 to start your own path to a great career!