Mike Segar / Reuters
In these times of economic uncertainty, people are spending more than ever on the care and feeding of man's best, furry friend.
By Katy Barnato, cnbc.com
The U.S. pet industry is set to rake in a record $53 billion this year, despite sluggish overall consumer demand, according to a report by brokerage firm ConvergEx.
CNBC.com: Cutting-edge products for your pets
?Even in a faltering economy, pet industry expenditures continue to accelerate,? strategists Nicholas Colas, Beth Reed and Sarah Millar wrote.
?While people are putting off some other major ?lifestyle? changes, such as getting married and purchasing a home, they?re showing no signs of giving up man?s best friend.?
CNBC.com: For the dog that has everything: concierge services
Spending on pets stood at $37.3 billion in 2001 and has grown steadily since. This year, sales of pet products and services are expected to total $52.9 billion, a 42 increase over 2001.
According to the report, the total lifetime cost of owning a small to medium-sized dog ranges from $7,240 to $12,700, and the lifetime cost of a cat ranges from $8,620 to $11,275.
CNBC.com: Popular kids in high school tend to make more money, study says
The report points out that since 2008, in particular, the cost of keeping a pet has surged above the rate of inflation.
?While the price of pets themselves, as well as supplies and accessories are getting comparatively cheaper, the prices of vet and other pet services, and pet food, are all rising at a pace greater than the rate of inflation,? the strategists said.
CNBC.com: Survey says: merry shoppers, shallow pockets
The cost of pet ownership has risen by 11.7 percent since mid-2008, the strategists said, versus just 5.2 percent for the consumer price index.
TODAY's Kathie Lee Gifford and Hoda Kotb chat about "PuppyGate," the unfortunate moment when KLG dropped a pup a few weeks ago on-air, and how that dog thankfully found a new home. The hosts also take a look at funny video of people falling.
hunger games trailer in plain sight hunger games movie review bats hunger games review jeff saturday jason smith
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.