Annual Pet Spending Passes $50 Billion Mark
Americans spent nearly $51 billion on their pets in 2011.
The American Pet Products Association says that is an all-time high and the first time in history more than $50 billion has gone to dogs, cats, canaries, guppies and the like.
Food and vet costs accounted for about 65 percent of the spending. But it was the service category that grew the most. Spending on grooming, boarding, pet hotels, pet-sitting and day care surged nearly 8 percent to $3.8 billion in 2011.
The APPA says 2012 should be another banner year for services, predicting it will grow 8.4 percent to $4.1 billion in 2012.