Despite economic concerns, consumers are not cutting back on spending for their pets.
The U.S. pet care industry chalked up $123.6 billion in sales in 2021, the industry’s highest level yet and the second consecutive record year for the segment, according to the American Pet Products Association (APPA).
The association expected robust sales with a forecast of around 6%, But when sales were tallied, the actual results showed a whopping 13.5% increase year over year.
The data revealed increases in every spending category. Pet foods and treats remain the biggest dollar category with $50 billion spent on feeding furry friends, up 13.6%.
Supplies, live animals and over-the-counter pet medications registered the highest percentage gain at 17.8%, for a total of $29.8 billion.
Fueling sales is the continued humanization of pets where shoppers spare no expense for their best friends. Consumer interest in top nutrition also helped move the needle.
“The numbers don’t lie: The pet industry has shown itself to be incredibly strong and resilient with a record-breaking two years,” Anne Ferrante, senior vice president of member relations and business development at APPA, said in a statement. “We expect continued growth as we look toward the remainder of 2022,” Ferrante added, noting results could be impacted from macroeconomic factors.
However, consumers have shown that even in recessionary times, they aren’t willing to sacrifice buying the best for their pets.
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