Pets and the Economy

Pets and the Economy

Citizens FOR Pets in Condos e-newsletter for October 2011,

Are you at all surprised to learn that even in this time of economic downfall people are spending more and more money on their pets?

Median income for middle-class  households  has been dropping down to levels in the 1990’s.  That has not affected spending on pets.  Quite the opposite.   

A USA Today report said that the “pet economy” has been steadily increasing since 2001.  The American Pet Products Association says spending on pets in the US will reach a new record, an estimated $50 billion.  “Spending in the pet economy has increased every year since 2001 and only once by less than 5 percent annually in that time.”

One pet business owner was quoted saying that, “I’ve found the same thing. The business really hasn’t slumped. When the economy went bad, people started staying home more. They weren’t taking as many vacations. They weren’t gone as much. They started focusing on their home life and, for a lot of people, that includes a pet.”  We think that as people are stresed by money woes, they turn to their pets for emotional comfort.

The Pet ownership is at an all-time high of 72.9 million households – about two out of every three. About 78 million dogs and 86.4 million cats in the United States represent a 2.1 percent increase from 2010.

In another piece of economic news, no surprise to us, Retiring Baby Boomers give Florida a cold shoulder.  We are sure one of the factors in the avoidance of Florida is the preponderance of no-pet deed restrictions in south Florida, especially in retirement communities.  63 % of US households have at least one companion animal.  Why would they want to move somewhere to retire where they could not bring those companions?  People want to keep their whole family together, including pets.


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