» Equine Market Turn-Around in Sight?
Ever since the Great Recession, the US equine market has been in a period of decline. A new study shows that retraction is still taking place, but there are new signs of a turnaround.
The fourth edition of the Brakke Equine Market MegaStudy, just released, shows that spending per owner is up, even though there are fewer horse owners, and they each own fewer horses, compared to the third edition of the study in 2013.
The study was a national survey of more than 900 horse owners, with detailed information about demographics, reading and shopping habits, Internet and social media use, involvement in equine events and a host of other data.
“The most encouraging sign is that younger people are starting to come back into the market,” says John Volk, study author and senior consultant with Brakke Consulting. “For the past several years we’ve seen a decline in the number of young horse owners. This new study shows the first increase we’ve seen in several years. The number of horse owners 18-34 years old increased from 11% in 2013 to 15% in 2017.”
Another positive sign, says Volk, is that the median amount owners were willing to spend for a new horse increased to $3,000 from $2,500 in the previous study.
On the other hand, the amount of time spent on horse-related activities declined from 21 hours per week to 16 hours per week, and the number of equestrian events engaged in declined to two per year from three per year in 2013. Two thirds of horse owners participated in no horse events in 2013, the lowest number since the study began in 2009.
The research included more than 400 brands in 17 product categories. It examined what brands were purchased, how often they were purchased, where they were purchased, amount of money spent, and who most influenced their selection of brands. The study also gathered detailed information on horse owner demographics, reading habits, Internet and social media usage, involvement in equine events and a host of other data.
The 185-page Brakke Equine Market MegaStudy is available from Brakke Consulting for $15,000. For more information, contact John Volk, firstname.lastname@example.org.
Brakke Consulting is the leading consulting firm specializing in the animal health and nutrition markets. It is located at 12005 Ford Road, Suite 530, Dallas, TX, 75234, (972) 243-4033, www.brakkeconsulting.com.
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Equine Market Turn-Around in Sight?