US consumer spending on pet supplies rises 7%
Spending increase fueled by greater demand for premium petfoods, luxury products
Consumer spending for the US rose 1.4% in the first eight months of the year, helped by a 7% increase in spending in the pet products industry, according to USA Today.
The rise in pet product spending shows consumers are buying more luxury goods. Organic petfoods, timed cat food dispensers and other high-end pet supplies fueled the increase in spending, according to Bob Vetere, president of the American Pet Products Association. He also said that the middle of the pet products market is shrinking, as consumers opt for either premium petfoods or cheap petfoods due to the weak economy.
"People are cutting back on themselves more than they're cutting back on pets," Vetere said.