Thread by @bopinion

Cryptocurrencies aren’t the only assets to have seen their value driven up recently by hordes of eager buyers.

Dogs and cats have too trib.al/rp856Bd

🐹 Pets have become more expensive as lonely homeworkers sought out companionship during pandemic lockdowns and remote employment made it easier to care for furry friends during the day trib.al/rp856Bd

In the U.K., there were more than 400 buyers for every pet advertised during April and early May.

That fell to 200 buyers as the U.K. reopened, but has started rising again with tightening restrictions trib.al/rp856Bd

With a stable supply, breeders could charge much more for their animals on average:

🐶 Dog prices are 🆙 131% this year compared to last
🐱 Cat prices are 🆙 42%

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The number of rehomings rose between January and October for all types of animal:

🐕Dogs
🐈Cats
🐇Rabbits
🐁Rodents trib.al/rp856Bd

The increase in ownership has been described as a sort of baby boom, with demand shooting up for:

🐟Food
🐈Accessories
🎾Toys
🐩Grooming
💊Vet care

Globally, the pet food and product market is worth $138 billion trib.al/rp856Bd

Over the course of their lifetime, pets are expensive:

🐶$22,800
🐱$11,800

But it's hard to put a price on the companionship, enjoyment and emotional support they provide trib.al/rp856Bd

A recent survey of 6,000 U.K. pet owners found that all pets eased feelings of loneliness during the first pandemic lockdown.

🐴Horses, 🐕dogs and 🐈cats provided the most comfort, but the emotional bond with 🐤birds and 🐹guinea pigs wasn’t far behind trib.al/rp856Bd

One danger of a pet market boom is what happens when the forces that made them so sought after in 2020 begin to reverse. Some people may be forced to part with their pets if:

Remote employment becomes less prevalent
Economic impact of the pandemic deepens trib.al/rp856Bd

Thankfully, there are few signs of this happening so far. Many new pet owners are affluent professionals, who should be able to afford dog sitters and vet care once they’re back in the office.

Let’s hope that a dog is for life, not just for lockdown
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