Exploring Market Trends: From Cryptocurrencies to Booming Pet Industry
This month we were thinking about the trends in cryptocurrencies, and what a ride we have seen in that market. The different opportunities presented in Bitcoin and/or Dogecoin depend on how you view the market trends.
As you know, twice a year, I spend time with all of our franchise partners to stay current on current trends, where the trends are, and what is new and exciting in the franchise space. This July, we got to see everyone face-to-face in Memphis, and I have to tell you, it was great.
So what did I learn? There are some great new concepts in the B2B space and a cool new beauty concept that leverages AI technology to generate and book clients. However, the one trend that stood out the most for me is where the pet industry is going. I learned about a Morgan Stanley article written in April that indicates that the current $100 Billion pet industry will triple. By 2030, due to the number of pets acquired during the pandemic and the GenZ folks planning to add a pet to the family over the next few years. This is consistent with what we see in the housing boom as this demographic flees the city and floods the suburbs for the first time.
Learning these stats, I started digging to learn more. The real change in the pet space is not the number of pets but the shift in healthy food for dogs. We see the pet space mirror the human space with about a 3-4-year lag. Think about doggie hotels and doggie daycare….ridiculous? Maybe it’s as crazy as a digital currency!
Irving Chung
FranChoice