The American Pet Products Association recently released its latest pet industry spending numbers and reports that we spent a record-breaking $72.56 billion on our pets in 2018, up $3 billion from the 2017 figures.
The survey found that millennial pet owners are driving the spending, with their willingness to pay more than previous generations for quality pet products and services.
Here are a few key spending figures from the APPA survey:
- Food: $30.32 billion
- Supplies and over the counter medications: $16.01 billion
- Veterinary care: $18.11 billion
- Live animal purchases: $2.01 billion (this is down 4.3% from 2017)
- Other services (boarding, grooming, etc.): $6.11 billion
Premium brand pet foods and treats continue to be a driving factor in pet industry growth. Other areas of growth include nutritional supplements and digital pet-related technologies.
The APPA also notes that Americans, especially millennials, are acquiring greater numbers of pets through shelters and rescues, which may account for the decrease in live animal sales.
Check out the statistics, including spending estimates for 2019, on the APPA website HERE.