Joe Spector

go to the vet and doesn't get vaccines on a regular basis and it's a combination of affordability and friction because there's no easy vet for them to access to in the first place where they live well let's talk about affordability for a second because my sense is

It's 100% reality.

Veterinary costs are double US inflation, which has already been running high, but veterinary costs are running even higher than that.

Why?

There's not a simple answer.

The main thing I want to make clear, it's not because the vets are trying to stick it to the customers.

All vets are doing this because they love pets.

But there are some inherent built-in infrastructure, basic economics 101, that's leading to price increases.

For example, some of the biggest ones, it's simple supply and demand.

On the supply side, we've had an influx of pets during the pandemic and those pets are continuing to age.

And as you age, veterinary care gets more expensive.

And the supply of vets actually has decreased.

Vets tend to be predominantly female and they can't work traditional hours because they're often responsible for child rearing.

And there are

not enough veterinary schools.

In fact, the Maine Trade Association is in an antitrust lawsuit for blocking more schools from launching.

And so you don't have enough veterinarians and you have a lot more pets.

So that's kind of the biggest reason for price increases.

See, I never knew that.

No, it's definitely changed quite dramatically to how much, especially vets who are under 50, its vast majority are female.