A joint 2021 survey of horse owners from Zoetis and American Horse Publications gave an update on the health of the equine industry. Looking at horse-keeping costs, 85% of respondents report that their horse-keeping costs have increased since 2018. Common areas in which costs have increased include feed, veterinary services and animal health products.
The largest climb in horse-keeping costs over the previous 3 years appears with barn supply costs (nearly doubling). Horse owners also identified fuel and transportation costs as another pain point. The survey authors note that had survey data been collected months later, costs influenced by lumber and fuel prices would have made a greater mark in results because of the influence of COVID on these areas. Farrier services appeared in the “other” category, but did not impact survey results compared with other reasons.
Don’t expect clients to dump their horses in the face of increasing costs.
“Looking at how to accommodate horse-keeping costs, most respondents reported they will reduce expenditures in other areas of their lives (60%), attend fewer competitions (22.2%) and pursue other income opportunities (21.3%),” report the survey authors.
- Full-time Farrier Income Skyrockets: Data from the latest Farrier Business Practices Survey shows an 11% increase in yearly gross income compared with 2 years earlier.
- Explaining Your Expenses Can Educate Clients About Footcare Costs: To build loyal customers, look for opportunities to educate your clients about footcare. This proves important when encountering clients who question the amount they pay for footcare.
- Proposed Federal Legislation Promises Farrier Hiring Changes: ABC Test will redefine employee classification and ban the recruitment of independent contractors.