No Bones AboutIt: Pet Spending At All Time High (NAPSA)—Those who think Americans don’t love their pets are barking up the wrongtree. According to The American Pet Products Manufacturers Association (APPMA), pet spending has doubled from $17 billion in 1994 to a projected $34.3 billion for 2004— a growth rate of 100 percent. 2003 was more successful than projected with total sales coming in at $32.4 billion. This positions the pet industry as 60 percent larger than the toy industry ($20 billion) and 33 percent larger than the candy industry ($24 billion). “These spending figures reflect a change that has been occurring over the past decade, of pets transitioning into the family,” said Bob Vetere, APPMA COO and managing director. “As more and more people consider and treat pets like children, they’re purchasing products and services that you wouldn't have typically seen our grandparents buying for their pets.” Vetere said several factors are likely driving this shift in views and spending. For one, studies show pets are good for our health. Research indicates pets reduce stress, lower blood pressure and—some say—can even help with marriage by being mediators in the home. Indications that baby boomers are filling empty nests with pets is another cause for growth within the industry. Innovative new products such as timed feeders and high-tech restraint systems also enable a larger cross-section of individuals to have pets. “Pets provide us with unconditional love and affection,” said Spending on pet supplies and services in 2004 is expected to be over $34 billion—double what it was 10 years ago. Vetere. “It makes people feel good to be able to provide something for them in return.” And provide for them we do. In 2004, Americans are expected to spend: $14.3 billion for food $7.9 billion for supplies and over-the-counter medications * $8.3 billion for veterinarian care $1.6 billion for live animal purchases $2.2 billion for other services Founded in 1958, the American Pet Products Manufacturers Association is described as the nation’s leading not-for-profit trade organization serving the interests of the pet product industry and educating the public on the many joys and health benefits associated with pet ownership. Visit APPMA online at www.appma.org.
