You know how you can tell you live in a pretty wealthy country?
When you spend a cumulative $69 billion on your pets as a nation.
According to the American Pet Products Association, that’s what Americans spent on Fido and Fluffy last year.
Bob Vetere, president and CEO of the Association, told the Global Pet Expo earlier this year that it’s incredible not only to see growth for the pet industry in general, but to experience growth across all categories of the pet industry – with the exception of ‘live animal purchases,’ which remained the same.
Talk to any pet owner, and they’ll tell you how difficult it is to put a dollar limit on what they’d spend to give their loyal companion a happy life, and it’s this outlook that continues to drive growth.
When I first heard that 69 billion number, I was skeptical. But when I mentioned it to my wife, she showed me how much we spent on our cat and dog. And let me tell you! It was a healthy number, and that doesn’t even include the occasional cheeseburger I buy the dog.
When I thought about it, I realized my son has a hefty investment in his two pythons, considering the specialized cages and lighting required. And my daughter has a dog with some health issues, and she is constantly complaining about the costs associated with doggie healthcare.
So it turns out that it’s not just crazy cat ladies spending all this money! It’s regular people too.
Given all this money spent on pets, there’s bound to be a few profit opportunities.
And that’s exactly what I want to explore here today…