Across America, people are cutting back on everything from new clothing to evenings out on the town. But Americans just can’t say no to a cuddly kitten.
Spending data recently released by the American Pet Products Association (APPA) reveals that the pet care industry grew by about 5 percent in 2009, and industry experts are expecting equal growth in 2010, the San Francisco Chronicle reports.
The APPA data reflects spending increases on pet food, supplies, veterinary care, live animal purchases as well as grooming and boarding services. In total, the industry made about $45.5 billion in 2009, and spending is expect to be close to $48 billion this year.
Pet industry experts are saying that our tendency to "humanize" pet products and services is largely responsible for the increased spending.
In 2009, veterinary care alone grew by 8.5 percent as pet owners splurged on innovative services like spa treatments and dental cleanings for their pampered animals, reports the news source.
The field seems to be ripe for growth as new ideas emerge. Last year, entrepreneurs started businesses that focused on removing pet droppings from yards for a weekly fee and developing ice cream that is palatable to dogs.