pet economy
As more and more people keep pets, the pet economy has been mentioned constantly. Millennials are a big part of the demographic driving this economy, willing to spend a lot of money and time on a pet, even more than on their own medical bills. When choosing a house, people also think more about whether they can keep pets or provide a good living environment for pets. There are more and more beauty parlors, hospitals and entertainment facilities for pets. Retailers, manufacturers, entrepreneurs, and inventors are clamoring to win a leadership position in the U.S. pet economy, with sales projected to exceed $75 billion this year.
This is not the only year, as statistics show that people have been spending a lot of money on pets, the pet economy is now growing more dramatically. Here's some data in 2015 that show how much people have spent on their pets:
- the U.S. Pet Industry generated $221.1 billion in total economic activity
- increased total value added by $102.3 billion
- the Pet Industry supported over 1.3 million U.S. jobs that paid more than $60 billion in salaries
- the Pet Industry and its suppliers and linked service providers contributed almost $14 billion
According to a report posted by the American Pet Products Association (APPA), the annual consumer spending up to over $77 billion on by pet parents on their pets annually. These include the manufacturing of pet supplies, toys, pet pharmaceuticals, grooming, boarding, and other services.
The statistics below are also gathered by APPA from various market research sources that show total US pet industry expenditures:
I feel like a lot of people are willing to spend more money on their pets than themselves. People love to spoil their pets, but also medically speaking, people are willing to spend outrageous amounts of money for their animals. My aunt recently spent a bunch of money on her really old dog after he needed an electrocardiogram for a heart murmur. I'm curious about the psychology behind spending so much for a pet, but I know for a fact that I would be one of those people who would spoil their pets.
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