I do not currently own a pet, but I did grow up with a dog. Thus, I was really sad to see the impact of the recent pet food contamination on both pets and their families. However, I have noticed that the pet industry has changed dramatically since I was a kid. Last week, I heard a story on NPR about the strong growth in the pet industry, and one expert called the industry one of the most dynamic segments of the economy. I found it interesting that there was such a strong, and apparently expanding, market for pet products and services.
Apparently Americans are willing to spend a significant amount of money on their pets. According to a study by the American Pet Products Manufactuerers Association, Americans spent some $38 billion on their pets last year, and are estimated to spend about $40 billion this year. Those numbers are compared to the $21 billion spent on pets in 1996. As a result of this kind of spending, even traditional companies have gotten into the pet industry. The last time I was at Old Navy, I couldn't help put notice the seeming increased shelf space devoted to pet products. Americans are also spending more on health care and insurance for their pets. Additionally, the trend in healthy food products is spilling over into pet products so that more and more pet owners are willing to spend extra to buy organic foods for their pets. Some experts suggest that one response to the recent problems with pet food contamination will be an increased reliance on the market for organic pet food. Apparently, however, one of the fastest growing segments of the pet industry is the market for high-end products. This not only includes such products as designer dog carriers and jewelry, but also expensive pet services from groomings to spas. In fact, the last time I was on a plane, the in-flight magazine had several ads featuring pet spas and camps. I did not even realize that such a market existed, but it appears that many people are willing to give their dogs a vacation seperate from their own.
I consider myself a dog-lover, but the strength of this market amazes me. The limited research I have done on the pet industry suggests that these trends are not a passing fad, and as a result both old and new companies are looking for ways to participate in the market for pet products and services. It looks like man's best friend has a lot of market power.
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1. Posted by Lisa on May 1, 2007 @ 19:07 | Permalink
Luckily, all cats want to do is stay home, eat, and torment the fish.
2. Posted by Jake on May 1, 2007 @ 19:34 | Permalink
Not quite correct. It is my pleasure to serve a large, 14-year-old black cat named Jensen. As we live on a wooded property, he devours mice, rats, chipmunks, and even an occasional rabbit. He caught a black snake once, but had no idea what to do with it and let it go. Additionally, over the last 6-7 years, Jensen has fought with raccoons and other varmints, leading to many stitches and outsized veterinary bills. (The last time the vet shaved Jensen so that he could be stitched up, his old battered frame was a road map of scars.) Attempts to make him an indoors kitty always fail. First, having no outdoors privileges makes Jensen very unhappy, which is hard to witness. Second, he is a very wily cat, and has many strategies for darting out an open door in an instant.
Despite his reckless and carnivorous ways, Jensen is the perfect lap cat. Excellent company when reading a book, even a law book.
3. Posted by Jeff Lipshaw on May 2, 2007 @ 12:51 | Permalink
Doggie Prozac. It works for dog-dog aggression issues. I believe I blogged on this here last summer.
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