Over the last 10 years, the money spent on pets has more than doubled in the US...
And with 14% of previous and existing pet owners getting a new pet during the pandemic, we can only assume that American pet spending will continue to rise.
That rise also resulted in the market for pet insurance getting a lift.
So it's no surprise that pet insurance stocks such as Trupanion experienced strong rallies during the period.
And there is no reason to think there won't be another push higher.
So, with that in mind, what does social media data tell us about how pet insurance firm Trupanion is performing?
The company's Purchase Intent mentions are trending down -25% YoY. However, after substantial gains until the end of February last year, a slowdown in pace year-over-year doesn't signal a reason to worry for now.
Regardless, you may have noticed, it has moved another leg higher with a 33% rise QoQ.
Its customers are happy too, with a near 90% Happiness Score, almost unheard of. It makes sense, as the company says it has one plan that covers 90% of veterinary costs with no payout limits, making it easy for consumers.
Although, the same can be said of other pet stocks, with both Chewy and PetMed also having an over 80% Happiness Score...
Maybe it's a pet owner thing.
While the data doesn't yet signal a potential buy for Trupanion, it is definitely one to watch.