Transactions at small animal practices have been flat or falling during the recent economic downturn, according to statistics from the National Commission on Veterinary Economic Issues and a study by Brakke Consulting.
The NCVEI Economy Tracker and Brakke’s study on “Economy and Pet Care” also found that mean transaction charges increased only moderately in 2008.
Dr. Karen E. Felsted, NCVEI chief executive officer, said, “Growth in 2008 was quite a bit less than it has been in recent years, and the growth rate declined as you got toward the end of the year.”
According to the Brakke study, about a quarter of practices did report a decline in revenues for the year. A survey by the American Animal Hospital Association in July 2008 indicated that revenues dropped for about 28 percent of the 550 respondents from the first half of 2007 to the first half of 2008.
Yet, total U.S. spending on veterinary services has never turned negative during other recent recessions, according to a 2007 report by William Blair and Company.
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