Though times may be tough, pet owners in the US continue to spend more on their pets.
According to a study done by the American Pet Products Association (APPA), pet owners in the US cite companionship, love, stress relief and exercise among other things that keep them spending more on their loved pets even though the US economy has yet to fully rebound from the economic meltdown of 2008.
The study conducted by APPA said that 2-5 percent of pet owners spent more on their pets last year. Sixteen percent of dog owners and 13 percent of cat owners also said in the study that medical needs of their pets would precede their own medical needs.
In a Reuters report, APPA President Bob Vetere is quoted saying that even though other industries have been affected much by the global downturn, the pet industry “continues to see unprecedented growth.”
According to the report, pet owners in the US are expected to spend $12.2 billion on their pets this year.