The economy is still at a low and many people are trying to find ways to cut costs and save on everyday items. I don’t think anyone would argue that times are still pretty tough. But according to the American Pet Products Association, which conducts a survey every year to gauge the spending habits of pet owners, pets still come first.
The survey states that pet owners are projected to spend $12.2 billion on veterinary cares in 2011, up from $11 billion last year and $8.2 billion five years ago. Sixteen percent of dog owners and 13 percent of cat owners surveyed said their pet’s medical treatment would take priority over their own. Obviously, pets are very important to us.
Some of the main things purchased for pets included specialty food, treats, toys, and pet insurance. These pet owners justified this spending because of the benefits they said are associated with owning pets, such as companionship, love, stress relief, and the increase in exercise they are getting from walking or jogging with dogs.
Other interesting facts from the survey: Spending money on gifts for pets rose 30 percent (from $56 million to $73 million), and approximately 10 percent of owners said they had hosted parties for their pets.
So what do you think? Do you spend money on your pet rather than on yourself? What are some of the things you spend money on that are specific to your pet?
Read the full story on Reuters here.