While many stocks in the S&P 500 have seen significant declines since the beginning of the year, online pet suppliers have been receiving a surge in business due to the coronavirus outbreak.
Since the beginning of 2020, online pet supply retailers like Petmed Express, Freshpet and Chewy have seen substantial increases in stock price compared to most other businesses. As of midday March 26, Petmed Express has seen the largest percentage increase since January 1, with a 19.6 percent rise in stock value. Other pet suppliers, like Freshpet and Chewy, have seen increases of 4.4 percent and 13.4 percent, respectfully.
As more and more people in the U.S. stay home due to the COVID-19 outbreak, many have turned to ordering pet supplies from online retailers instead of going to brick and mortar stores.
According to Bloomberg, pet adoption organizations in New York City have also seen large increases in adoptions since social distancing measures were implemented, with some organizations running out of pets for adoption.