According to the American Pet Products Association, 68 percent of U.S. households own a pet today. That's a lot! Last year, Americans spent a record $66.75 billion on their beloved companions. During the recession, the industry barely took a hit.
Thanks to the Internet, dogs and cats are more popular than ever. And there's the well-documented trend occurring worldwide of young people increasingly referring to and treating their pets like surrogate children.
The pet industry in the United States and many other countries is booming. Americans, for example, own more pets than ever before. Growth in the sector is derived both from increasing pet ownership as well as from increased spending per pet. Pet pampering is becoming the norm, as pet owner spending has moved far beyond simple food and grooming expenses to include innovative and specialized premium products. The bottom line: people increasingly view their pets as part of the family and are willing to spend even during difficult economic times.
A Golden Age for Pets and Pet Businesses: An overall rise in the number of pets in the U.S. and increased spending per pet are the main factors that will contribute to the pet industry’s growth in the years ahead. Even with the overall economic recovery taking longer than expected, annual revenue growth in pet products and services is anticipated to clock in at some 4.4% through 2016 (one of the few industries that can say this). As the recovery takes hold, household disposable income will rise even faster, and spending on pets will pick up even more.
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