According to BETA, the sector’s total estimated annual spend was valued at £5 billion in 2023. This figure was up 6% from £4.7 billion in its 2019 survey. Despite the increase, however, the 2023 Survey noted that 66% of equestrians recognise they have less disposable income, so are looking to reduce the number of items they buy for themselves to maintain care for their horses.

“To maintain a high standard of care for their horses and ponies, some people are having to make different choices with their available cash”, comments James Steel, director of Retail Solutions provider, Citrus-Lime. “That there’s currently less money in the market means effective tools created to help equine retailers ensure profitable returns on their stock are crucial.”

James’s view has been reflected in the Survey which highlighted that 66% of private horse owners and 68% of professional horse owners expect to cut back on clothing throughout 2024. 38% of private owners also expect to spend less on horse clothing and equipment with 44% of professional horse owners also looking to make reductions.

Equine retail is being hit by a combination of the knock-on effect of the cost of living crisis and undercutting by online giants, like Amazon. In a world where efficiency is critical to profitability, it’s more important than ever for retailers to have systems in place that help them stay ahead of market forces.

“For retailers and tack shops, being able to identify which of your products are achieving the best margin means you know which brands work well for your business. Having the ability to drill down into sales data by season and department delivers information that’s crucial to maintaining cash flow and running your business profitably. 

“Understanding how much stock to order is vital to reducing the amount of discounting you have to do come the end of the season”, he says. “A system that can calculate your Weeks Cover means you can forecast how much stock you’ll sell through before the end of the season, which is incredibly valuable.

“Adopting smart technology certainly appears to be paying dividends for our equine customers. They’ve experienced an upward trend in revenue which is great to see.”