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Six signs pets are the economy's new big spenders

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CNBC

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Six signs pets are the economy's new big spenders

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Six signs pets are the economy's new big spenders

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At just what point cats and dogs became full-fledged members of the family is difficult to determine. But today, pets' elevated status is apparent鈥擲ome 82.5 million American households, or 68 percent, include domestic animals. Americans spent an all-time-high $55.7 billion on their pets last year, and spending will inch close to $60 billion this year, according to recently released APPA data. That's a huge jump from 1996, when total pet spending was just $21 billion.
It starts with the $2.2 billion spent on live animal purchases last year, but it doesn't end there. Read on for six signs that the 'pet boom' is upon us.

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Some 82.5 million American households, or 68 percent, include domestic animals. Americans spent an all-time-high $55.7 billion on their pets last year, and spending will inch close to $60 billion this year. Here are six things driving the pet spending boom.

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By Lee Smith , CNBC

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March 24, 2014

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March 24, 2014

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