Photo: corrie haffly via flickr
Despite the anemic state of affairs in the U.S., there’s at least one industry un-phased by the economic picture: the pet business. It’s absolutely booming.From 1994 to 2010, the American Pet Products Association reports the industry jumped a whopping $31.53 billion dollars.
People will spend about $50.84 billion dollars on their pets in 2011 alone, estimates the association, up from $48.3 billion in 2010.
Vets and medical supplies for animals have just gotten more expensive. Within the last year alone, people spent $1 billion more on vet care, and another half-billion on medicine, bringing the grand total to $25.51 billion.
The availability of more sophisticated treatments for cancer and special services like ophthalmology partly explains the rising costs. However, animals are also checked more frequently by the vet than they used to be, and veterinarians are charging more for their services.