Americans Spent $69.5B on Their Pets Last Year
ARTICLE BY: PETS+ STAFF 23 MARCH 2018
Spending grew 4% from 2016.
U.S. consumers spent $69.51 billion on their pets in 2017, the American Pet Products Association reports.
That represents 4 percent growth compared with $66.75 billion spent in 2016.
The latest pet industry spending figures were announced at Global Pet Expo. APPA's annual comprehensive industry figures report covers pet spending in the market categories of food, supplies/over-the-counter medications, veterinary care, live animal purchases and other services.
"It's incredible to not only see growth for the pet industry in general, but to experience growth across all categories- with the exception of 'live animal purchases' which remained the same," said Bob Vetere, president and CEO of the American Pet Products Association. "Talk to any pet owner and they'll tell you how difficult it is to put a dollar limit on what they'd spend to give their loyal companion a happy life, and it's this outlook that continues to drive growth."
Pet food continues to be the highest source of dollars spent, with spending on dog food specifically making up a majority of sales, according to APPA. Interest in high end, premium pet food and treats continues to be a key driver for increased spending in the pet food category, but as owners increasingly value-shop for these items, total food spending growth continues to slow down.
Veterinary care spending remains the second-highest source of spending in the pet industry at $17.07 billion, up 7 percent from 2016.
Live animal purchases for the first time in four years did not decline, but rather remained steady at $2.1 billion spent.
"The industry is moving beyond simply the humanization of pets to where they are now widely accepted as part of the pet owner's lifestyle," said Vetere. "No matter the primary cause of increased spending on pets, be it enhanced nutrition, better healthcare, increased pampering, or greater technology, the one thing we know for sure is that pet owners have a top priority in pursuing longer, healthier lives for their pets."