Pet Spending: a Growing Trend in Business

During this time of economic turmoil in the United States in which businesses are going down by the minute and people are certainly not spending money like they did in the past, there are still quite a few industries that are continuing to grow consistently. The one I will be discussing is the pet industry, in which pet spending is quickly becoming a growing trend of the business world and has been on the rise gradually for a few years now. Statistics show that “spending in the pet market, despite the recession, saw an increase from $43.2 billion in 2008 to $45.5 billion in 2009,” with that number expected to reach $47.7 billion in 2010 (Colette). This includes spending on food, veterinarian visits, medicine, supplies, toys, grooming, and other pet services. One company, PetSmart Inc., “has seen its shares rise 27% over the past 12 months and 107% over the past five years” (FP Trading). The pet industry is an industry that is clearly on the rise due to the fact that Americans own more pets now than ever before and pet owners may be economical when it comes to spending money on themselves, but certainly not on their beloved pets.

Most pet owners today treat their pets as if they were a valued member of the family, and in some cases take even better care of their pets than themselves. “We love our pets as we do our children, and what parent wouldn't make sure that their child's needs were met before theirs,” said Kate Noto, a designer and CEO of the pet jewelry brand, Beasty Bling (Colette). Some people even buy their pets gifts for the holidays as a woman from Rosemont, Illinois said in an article from The Washington Times, “I couldn't care less if there's anything under the tree for us, as long as there's something for Tonie,” speaking in reference to her cat (Washington Times). The owner of DOG Pet Boutique in West Hollywood, Chris Price, said in an article, “Purchasing an occasional toy or sweater for your pet brings you more pleasure and less guilt than...