Earlier this year the Bureau of Labor Statistics found that Americans spend more on their furry family members each year than they do on alcohol or men’s clothing. An astounding fact considering how much Americans love their happy hours. But this fact, along with the following article from Monster.com, go to show once again that this industry is strong, thriving and will continue to provide ample opportunity to the brands that know how to tap into it with creative strategy and honest consumer conversations.
Raining cats and dogs: Pet industry at historic spending levels
Do you spend a lot on your pet? You’re helping fuel a growing industry.
U.S. pet owners spent a record $55.7 billion on the pet industry in 2013, and spending is projected to increase to $58.5 billion in 2014, according to the recently published 2013-14 American Pet Products Association’s National Pet Owners Survey. The survey noted that 68 percent of U.S. households own at least one pet, which translates to about 82.5 million homes. The first survey of this kind, published in 1988, showed that 56 percent of U.S. households owned a pet.