ICYMI. Lapsing patients, defined as patients who haven’t been to a veterinary practice in 14 to 18 months, increased significantly per practice between January 2020 and July 2023. Rising overall prices, housing costs and interest rates have resulted in lower consumer confidence which may be reasons pet owners are delaying veterinary health care.
Findings from the forthcoming 2024 AVMA Pet Ownership and Demographics Sourcebook show that the U.S. pet population continues to grow and excess demand for veterinary services appears to be tapering off.
Source: AVMA News, November 28, 2023. Link.
Related info: Pet ownership declined in US from 70 percent to 66 percent in 2022, PETFOOD Industry, October 26, 2023. Link. Although pet ownership rates seem to have declined, pet spending increased.