A comprehensive new survey of US horse owners demonstrates that the equine industry has not yet fully recovered from the recent economic recession. Participation in equine events is down, expenditures on many products have declined, and fewer young people have become horse owners.
The study, the third edition of the Equine Market MegaStudy, is based on lengthy interviews with a national sample of more than 1,000 horse owners on products and brands purchased in the last year. The study was conducted by Brakke Consulting, Inc, and Ipsos Agriculture and Animal Health. Previous editions of the study were conducted in 2006 and 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.
“Although respondents to the 2014 Equine Market MegaStudy were more optimistic about their financial wellbeing than in the 2009 study, the impact of the recent recession was clearly evident in the results,” said John Volk, senior consultant of Brakke Consulting. “Perhaps the most concerning finding is the lack of new horse owners coming into the market. That can reverberate for several years.”
“Surprisingly, expenditures on horse care products did not decline as much as anticipated, especially given the decline in horse ownership over the past few years,” said Colin Siren, vice president of Ipsos. “In fact, expenditures were up in some categories. Investment in horse care products remained especially strong among more active horse owners, such as those who compete regularly.”
The 184-page Equine Market MegaStudy is available from either Brakke Consulting or Ipsos for $12,000. For more information, interested companies should contact John Volk or Colin Siren.
For more information, contact:
John Volk, (773) 327-4941
Colin Siren, (519) 780-4703
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.
Ipsos Agriculture and Animal Health is a leading global market research firm focused on animal health and nutrition with agriculture and animal health offices in the United States, Canada and Europe. More information can be found at www.ipsos-na.com, (519) 780-4703.
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