According to a recent report by American Pet Products Association, pet spending is at an all-time high. In 2011, pet owners spent $50.96 billion on their pets and this is the first time in history that pet spending has been over $50 billion.
The biggest spending categories were food and veterinary care which accounted for about 65% of the spending. However, services such as grooming, pet sitting, and day care grew 7.9% from 2010 to 2011.
The pet insurance category is expected to grow immensely according to APPA President Bob Vetere. At an estimated $450 million spent on insurance in 2011, those numbers are predicted to grow to over $500 million in 2012.
In an Associated Press article, veterinarian Dr. Jessica Vogelsang said “Insurance makes such a difference in the health of an animal. I can’t tell you how many times I have had a pet come in and the only reason (the owners) were able to afford catastrophic care is because they had insurance. It’s literally a life-saver, and I’m really glad people are embracing the concept.”
Numbers from the APPA report suggest that pet adoptions and purchases are flattening out which is likely due to the fact that more people are making thoughtful decisions to add a pet to the family rather than purchasing on impulse.
Spending grew 5.3% from 2010 and is expected to grow even more during 2012. How much of a contributor to these numbers are you?