Introduction

As recent studies defined, pet care may also bring considerable economic benefits into the owners’ families. This study also looks at how pets add value through promoting conditions of cost reduction, increased earnings, and economic welfare. The following economic impacts are evaluated based on the current literature and empirical analyses.

Methodology

This was done by looking at economic reports, an industry survey and a survey to the general public or pet owners on their expenditure. The emphasis of the study was made on such aspects of pet adoption as potential spending on their needs, as well as potential gains in productivity due to that.

Findings

1. Economies resulting from having a pet

Study by the Journal of Economic Perspectives: The ownership of pets has been found to save money exposed to costs of health since it helps in offloading pressure hence no sickness. The primary tested positive relationship between pet ownership and some form of economic benefits and those benefits reflects in having fewer medical visits and lower overall healthcare expenses (Journal of Economic Perspectives, 2021, Economic Benefits of Pet Ownership).

Research by the National Institute of Health (NIH): First of all, it is possible to state the consideration of the fact that having pets results in lower costs connected with receiving mental health services. It has been observed that people who own pets get less frequently diagnosed with psychological disorders basically because they get optimum emotional support from their pets (NIH, 2020, Financial Impacts of Pets on Mental Health).

2. Increased Economic Productivity

Research from the American Economic Review: Some research has suggested that businessmen and businesswomen experience enhanced performance at the workplace due to pet ownership. Studies have indicated that pet owners tend to be happier in their places of work, they are present more often with less time offs hence a boost in productivity (American Economic Review, 2022, Pets and Workplace Productivity).

Study by the Harvard Business Review: Staff with pets have indicated that they feel happier and less stressed in their workplaces, hence be more productive in their duties and have fewer absences (Harvard Business Review, 2021, Economic Value of Pets in the Workplace).

3. The Impact and Expansion of Economic Values in Connection with Pet Industries

Report by the Pet Industry Federation: Sales of pet products and services, and job creation are among issues that associate the pet industry to the economy. There is a rise in the uptake of pets, and therefore a boost in economic activity with this sector (Pet Industry Federation, 2020, Economic Impact of the Pet Industry).

Study by the Bureau of Labor Statistics: Due to the increased number of pets across the United States, the employment opportunities as well as other business activities within the pet care units have grown thus supporting economic growth and stability (BLS, 2021, Employment Trends in Pet Care Services).

Conclusion

The interns of this study stress cost savings to the population in respect to healthcare, improved work outputs, and the extensive contribution to the economy by the pet industry. In theory, one may argue that the financially positive effects of pet ownership are not limited to the monetary savings that owners achieve but also have wider economic impacts.

References

Journal of Economic Perspectives. (2021). Pet industry and the positive economic impacts it has on the economy or in general that is related to pet ownership.

NIH is also referred to as the National Institute of Health. (2020). They continue to search for and discover the financial effects of pets on mental/psychological well-being.

American Economic Review. (2022). “Pets and Workplace Productivity.”

Harvard Business Review. (2021). Analysis of the “Economic Value of Pets in the Workplace.”

Pet Industry Federation. (2020). Being the heart of the pet industry, the following paper looks into the importance of the pet industry in the economic society currently.

Bureau of Labor Statistics. (2021). This report aims at establishing the employment trends within services related to pet care.