On average, American pet parents spend almost $1,300 per year on their fur babies - nationally, this amounted to $72 billion in 2018 alone. Big spending in the pet industry, even amidst financial difficulties reveals insights into what makes this market so special.
Though money may be tight, pet owners spare no expense on their pets with three in four saying they are willing to make financial sacrifices to keep their pets happy and well. Yet, every year, one in three pets will need urgent veterinary care and even common health issues and procedures can rack up a high bill. Pet parents begin investing in the health of their pets more than ever, focusing on quality food, exercise, even vitamin supplements to help lessen damage in case of a pet medical emergency and the costs therein. By 2022, the market for pet health insurance itself it predicted to reach a value up to $2 billion, helping pet owners care for their pets and keep them safe without breaking the bank.
This infographic details the business of dogs, how the pet industry remains recession-proof, and what it means for the future of pet care and the economy.
infographic by: trudog.com