Today there are 90 million pet dogs in the US. That’s around 1/4th of the population being made up of snuggle buddies, fur babies, and guards. As family members, we keep particularly close to our hearts, dogs, cats, and every kind of pet are also close to the economy.
In 2018, Americans spent $72 billion on their pets, covering the costs of food, vet visits, treats, and toys. Even when funds are tight, one in four pet owners is willing to make sacrifices for their pets even to the point of dipping into retirement savings. As any other member of the family, pet parents spare no expense when it comes to their pet’s health, but vet bills can add up and expensive healthcare isn’t always in the budget. To offset the costs and risks, pet owners think forward by investing in the long term well being and safety of pets. This is the business of dogs.
Bolstering the economy, keeping our wallets safe, and extending the lives of our pets, the pet industry is one of the fastest growing industries. Here’s what to expect for the future of pet care, why it’s changing and growing, and what it means for the rest of the economy.