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Pet spending to shatter records in 2006, trade group reports
San Diego - Pet spending is expected to reach an all-time high this year of $38.4 billion with $9.4 billion going toward veterinary care.
SAN DIEGO — Pet spending is expected to reach an all-time high this year of $38.4 billion with $9.4 billion going toward veterinary care.
The figures come from the American Pet Products Manufacturers Association's (APPMA) latest estimates on pet industry spending. Total spending in 2005 was more successful than projected with total sales of $36.3 billion, says APPMA, a trade group that has tracked pet-related sales for more than a decade. Broken down into segments, it appears veterinary care and other services had stronger than anticipated performances in 2005. Services such as joint-replacement surgeries, eye procedures and senior care helped fuel an 8-percent increase in veterinary spending since 2004, APPMA says.
Key demographic spending sectors include baby boomers and young professionals, the group adds.
According to the APPMA 2005-2006 National Pet Owners Survey, current basic annual expenses for dog and cat owners includes almost $800 for veterinary procedures.