Pet spending adds up
American pets are sitting in the lap of luxury as U.S. pet owners spend more on their pets than they spend on candy or even toys.
After tracking pet industry statistics for more than a decade, the American Pet Products Manufacturers Association (APPMA) recently released new figures proving the pet industry is leading the pack. Pet spending has more than doubled from $17 billion in 1994 to a projected $35.9 billion for 2005. And, according to the U.S. Census Bureau, the pet industry is now the seventh largest retail segment in the country.
In 2005, Americans' spending on pets is projected to be higher than ever:
$14.5 billion for food
$8.8 billion for supplies and O-T-C medications
$8.6 billion for veterinarian care
$1.6 billion for live animal purchases
$2.4 billion for other services
Pet spending in 2004 was even more successful than projected, with total sales coming in at $34.4 billion. This positions the pet industry 60 percent larger than the toy industry ($20 billion) and 33 percent larger than the candy industry ($24 billion).
Lou on 03.23.05 @ 08:37 AM EST [link]