When it comes to their pets, Americans are willing to pay a premium. A story by Reuters reporter Chris Taylor highlights the new “premiumization” hitting the pet industry.
Despite the recovering economy, the luxury pet goods industry has continuously been on the rise.
Spending on “high-end” cat and dog foods grew by 4 per cent more than lower-end brands between 2007 and 2011. The world’s biggest retailer Walmart has even launched its own high-end Pure Balance pet food brand to capitalise on the growing market.
From vet visits to kibbles and kennels, the pet industry adds nearly $53 billion to the economy annually, according to Reuters. That number has gone up every year during the recession and Arizona has been noted as the state that spends the most on its four-legged friends.
The surge in spending could be due to people who lack human companionship or have recently been left empty nesters, according to The Christian Post.
Regardless of the reason, it’s clear that many Americans are willing to dish out extra dough to treat their dogs and cats to the finest pet products.
Pet services spending is a rising trend as well. Luxury Pet Spa and Boutique in New Hyde Park, New York offers pets massages, airbrushing spray colour, feather hair extensions and oatmeal and brown sugar facials, according to its website.
And in Kentucky, Royal Court Luxury Pet Services, even offers a “lap of luxury” limo service to and from the vet and groomer to make sure your pooch is riding in style.
CNBC highlighted more luxury pet items that are catering to the most devoted dog and cat lovers. A few of the finest:
- a $340 automatic, self-cleaning litter robot
- a $350 bone crystal poop bag holder
- a $3,000 VIP fragrance for dogs
- a $10,000 designer dog bridal veil
- and a $3.2 million diamond-studded dog collar
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