Interpretive Summary: Financial strain of COVID-19 and its impact on willingness-to-pay for equine care
By: Jada M Thompson, Michelle L Kibler, Jennie L Z Ivey
COVID-19 had a substantial impact on markets and livelihoods. Jobs were affected and the cost of goods increased as products were in short supply, driving up prices for essential and nonessential equine care for owners, caretakers, and other associated individuals. A survey was used to better understand the financial impacts COVID-19 had on equine owners and leasers to determine what the market for equine care would bear if costs for care were to increase. Data collected through an online survey of U.S. residents involved in the equine industry (n = 762) were statistically analyzed. We found that equine owners and leasers were willing to pay at least 14% more for equine care as a result of the increases in cost associated with financial distress related to COVID-19. This accounts for differences across age, sex, number of horses owned or leased, and equine characteristics. This may indicate budget reallocation to maintain continuous equine care.
Read the full article in the Journal of Animal Science.