Horse owners in the United States are willing to pay 14 percent more in horse-care costs as prices have skyrocketed post-COVID. The financial strain is felt in all aspects of horsekeeping, from board to hay to fuel to feed; jobs were affected as the cost of essential and non-essential goods and supply chain issues increased.
Drs. Jada Thompson, Michelle Kibler and Jennie Ivey created a survey to better understand how the COVID-19 pandemic affected horse owners and lessors, and to determine what the equine-care market could bear if costs increased.
The trio collected information through an online survey from 762 people involved in the equine industry. They separated the responders into three groups: owners keeping their horses at home; owners who board their horses; and people who lease their horses.
The team found that equine owners and lessors were willing to pay at least 14 percent more for horse care after the pandemic.
The survey also showed:
- Age and annual household income of responders affected willingness to pay in all three groups.
- Owners, lessors, and boarders were willing to pay different amounts, which ranged up to a 26.2 percent increase in care costs at the time the survey was open.
- Horse owners in the South who kept their horses at home were willing to pay 11 percent more than those in other areas of the country.
- People who full-leased their horses (instead of having no lease or a partial-care lease) were willing to pay 15 percent more.
The researchers concluded that horse owners, lessors and boarders were not substantially impacted financially early on in the COVID-19 pandemic and that each group was willing to pay 14 percent or more for their horse's care. They note that results indicate that the market for equine care can handle the increase in costs associated with the COVID-19 pandemic.
Read more at HorseTalk.
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