Vet services spending reaches $9.8 billion annually

08/01/2007

US pet owners will spend $52 billion on their pets in 2009, up from the current $41 billion, according to Packaged Facts data cited in an August 2007 BusinessWeek article.

About 63% of US households own at least one pet, and the country has about 88 million cats and 75 million dogs.

Pet care is the fastest-growing category in retail after consumer electronics. Americans now spend more on their pets than on movies ($10.8 billion), video games ($11.6 billion) and recorded music ($10.6 billion) combined.

Half of dog owners consider their pet's comfort when buying a car, and nearly a third buy gifts for their dogs' birthdays.

Pet healthcare spending has grown as well. About 77% of dogs and 52% of cats had been medicated in the past year, according to the American Pet Products Manufacturers Association.

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Vet services spending now totals $9.8 billion annually, not including over-the-counter drugs and other supplies, which add another $9.9 billion