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Pampered Pets Create Booming Industry
Dr. Christine Merle
July 15, 2004
Do you pamper your pooch? If you do, you are not alone. In recent years, there has been a dramatic increase in pet spending. According to an article in the June 21, 2004, issue of Forbes, an estimated $34 billion will be spent on pets this year, and the amount is expected to grow 6 percent annually in coming years.
Much of this growth is in pet retail and services and in premium pet food. Pet clothing boutiques, day spas, and doggie day care centers are popping up everywhere. It isnt unusual for a pet to be seen shopping for a new toy or choosing a favorite treat at one of the two largest retailers, PetsMart and Petco Animal Supplies. These two retailers account for only 15 percent of the total pet market. The industry has other big names--including Old Navy, Starwood Hotels and Resorts (Sheraton, Westin and W hotel chains), and Harley-Davidson--all offering unique products targeted at pets and their two-legged companions.
In 2002, 62 percent of U.S. households had a pet; included are 65 million dogs, 78 million cats, 26 million small animals and reptiles, 17 million birds, and 192 million fresh and saltwater fish. Thats more than 350 million pets! For comparison, the Census Bureau says there are just 72 million children under the age of 18 in America. Its no surprise, then, that the pet industry business accounts for greater sales than either the toy industry ($20 billion) or the candy industry ($24 billion).
The health of pets has also dramatically improved with advances in veterinary medicine. Pets are living longer, thanks to nutritional research and improved diagnostic and treatment methods. Veterinary specialists such as ophthalmologists (eyes) and cardiologists (heart) are now available in most major cities. With all these advances, many of which are expensive, the cost of owning a pet has gone up as well. As a result, there is a growing interest in the pet insurance industry.
There is sure to be something for everyone in the pet industry. Who knows? You may devise the next indispensable pet product.
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