Americans spent 50 billion dollars on their pets in 2011, more than was anticipated by the American Pet Products Association (APPA). Where were the growth areas? Believe it or not...
... the biggest growth areas were in pet care (grooming, day care, hotels, spas) and pet insurance. Veterinary services and food, which accounted for 65 percent of all pet spending, remained steady from 2010 to 2011.
People seem to be taking their time in making a commitment to a pet, reported Bob Vetere, APPA president. But when they do buy or adopt a pet, they make sure they are prepared to care for them.
The APPA expects growth to continue through 2012, expecting overall expenditures of $53 billion. Areas to watch for growth include pet care services, pet insurance,,and innovative activities and toys that are more challenging to pets.
AP via ABC News