If you have a four-legged friend at home, that makes you part of the pet economy!

Today the global pet industry stands at over $250 billion USD and is over twice the size of the global film industry. Part of the boom can be traced back to the pandemic, when households’ time spent at home rose substantially, along with their need for companionship - the US alone added 5 million pets from 2019 to 2022. The outlook for the pet sector however is less positive, as interest rate hikes take purchasing power out of households’ hands, lowering spending on all things including pet-related products and services.

Join RBC Economics Carrie Freestone and Claire Fan in this week’s episode of the Ten Minute Take, where they take a closer look at the pet economy, how much it’s grown and where it’s headed.