(This story is for CNBC Pro subscribers only.)
Pet ownership has soared this year during the coronavirus pandemic as stuck-at-home Americans seek to fill voids with canine and feline companionship, and the trend is benefiting a slew of pet retailer and health care stocks, according to Bank of America.
The Wall Street firm surveyed more than 1,000 U.S. consumers and 69% of respondents have at least one animal, while 37% had adopted a pet in the last six months. The results led the bank to believe that the trend of higher pet ownership will extend beyond the pandemic boost.
"This indicates a large installed base of pets in the US, and a material increase in recent months," Bank of America's research analyst Elizabeth Suzuki, said in a note. "An increasing desire for more space could result in more Americans moving to homes that have more physical space for a pet."
The bank highlighted a number of stocks across various pet-related segments for investors to play the "pet boom," from online retail, to pet food producers, and to animal health care.