âGreat recessionâ impacts on the equine industry in the United Kingdom

C. Brigden; S. Metcalfe; S. Mulford; L. Whitfield; S. Penrice

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âGreat recessionâ impacts on the equine industry in the United Kingdom

in The new equine economy in the 21st century

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C. Brigden

C. Brigden
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S. Metcalfe

S. Metcalfe
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S. Mulford

S. Mulford
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L. Whitfield

L. Whitfield
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S. Penrice

S. Penrice
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Art:: Kapitel

Seiten:: 87â98

DOI:: https://doi.org/10.3920/978-90-8686-824-7_7

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Britainâs economy has been challenged since the âgreat recessionâ of 2008-2009, with most risk to leisure industries. This research explored effects of the recession on aspects of the equine industry. The objectives were to investigate the recessionâs impact on: (1) equine businessesâ marketing strategies; (2) affiliated British Showjumping (BS) participation; and (3) market value of horses. Equine business owners (n=133) completed an online questionnaire. BS participation was analysed using registration and competition entry data. BS competitor (n=144) and venue (n=32) questionnaires were used to explore experiences of the recessionâs effect. Horse values were compared by sampling advertisements of three groups of typical horse types. Interviews (n=3) were conducted with elite equine sales companies. Vendors and purchasers (n=74) completed a questionnaire investigating sales experiences. Associations within survey responses were explored using Chi-squared test of association. Some business owners (45%) felt the recession had affected business. Service providers were less affected than businesses that sell products or are directly involved with horses. Fewer small businesses (39.29%) reported recession effects than large businesses (63.19%). A new marketing method was the most common change to marketing strategies. Over 98% of businesses had attracted new and retained previous customers since 2008. BS membership numbers fluctuated, but the number of competitions and the number of entries per member decreased. Fuel price and the recessionâs impact were significantly associated (P<0.001) in influencing a competitorâs decision to enter competitions. Riders who reduced the number of competitions entered, were significantly associated with reduction in the amount of training (P<0.05). Venues agreed that fuel prices had the greatest influence on entries, but despite 66% noting entry reduction few altered marketing or pricing strategies. Median non-elite horse prices reduced between 2007, 2009 and 2011 (Â£7,500, Â£6,500 and Â£6,250); approaching significance (P=0.063). Vendors and purchasers (73%) perceived a reduction in horse prices and related this to a reduction in disposable income. Elite sales data reflected a reduction in average prices in 2009, but subsequent increases in 2011. The leisure and non-essential aspects appear to be more vulnerable to recession. The equine industry should respond strategically to future recessions to ensure financial security.

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The new equine economy in the 21st century

Reihe:Â EAAP Scientific Series, Band: 136

ISBN:: 9789086868247

Verleger:: Wageningen Academic

Print-Publikationsdatum:: 20 Dec 2015

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- Biowissenschaften
  - Allgemein
  - Tiere und VeterinÃ¤rmedizin

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âGreat recessionâ impacts on the equine industry in the United Kingdom

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The new equine economy in the 21st century

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âGreat recessionâ impacts on the equine industry in the United Kingdom