American pet owners just spent a whopping $60 billion on their pets' needs last year. Record shows that most of the pet owners shelled out for services like boarding, training and grooming.
According to the president and CEO of the American Pet Products Association, Bob Vetre, millennials' lifestyles have big effects on how they spend on their pets, while baby boomers' age does the same. These age groups are more likely to keep their pets well taken care of and make sure that someone will look after their pets if they are away, as reported by The Denver Post.
Pet owners spent $5.4 billion on pet-sitting and boarding services last year, which is almost 12 percent higher than what is recorded in 2014, as stated by the association's annual report released on Thursday at the Global Pet Expo trade show in Florida.
Vetre said that hiring pet-sitters or boarding services does not mean pet owners "are trying to farm out their love for a pet." "I think it's a way of increasing exposure to loving people," he added.
The spending on these services is expected to moderately increase this year. It is also expected to increase six percent more than any other pet needs expenses.
Spending on medication and pet supplies, however, climbed to nearly four percent, higher than 2.5 percent increase for veterinary services, as reported by Tampa Bay Times.
Report says that pet owners are turning to pharmacies, food supplement stores and pet stores to improve their pets' health more than taking their pets to a veterinary. Pet medications are being improved and mass marketed increasing its quality and availability.
American pet owners are spending more on pet needs; however, few pets are being sold. Americans spent around $2.1 billion on animals in 2015, which is lower than 1.4 percent from 2014. Sales are decreasing for two consecutive years since 2014 and the drop is expected to continue this year.
