Maybe in a full blown recession, but I don't think a small downturn will impact significantly?
The only study I found on this is here, all other evidence is purely anecdotal.
https://ucdavis.pure.elsevier.com/e...ic-recession-on-companion-animal-relinquishme
News: GXL Greencross Sees FY2018 Underlying EBITDA Between $97 Mln And $100 Mln, page-84
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