We pamper them, send them to spas, and surprise them with gifts and presents. They’re our pets—and the pet industry is booming.
In 2013, Americans spent a record $55.7 billion on the pet industry; that represents a four-percent annual increase every year since 1994. And pet industry spending is expected to continue to grow by four percent annually until 2018.
In 2013, 68% of U.S. households owned a pet, which equates to 82.5 million homes. In, 1988, the first year data was compiled, 56% of U.S. households owned a pet versus 62% in 2008. The most popular pets in America are cats, followed by dogs and fish.
The five main segments of the pet industry include: food, veterinarian care, supplies and over-the-counter medicines, live animal purchases, and pet services (e.g., grooming and boarding).
The U.S. economy is weak. Everyone knows it. We just don’t know where to lay the blame. Businesses on the S&P 500 have been using the weather as an economic scapegoat. And not a small number, either. Between January 1 and March 12, 2014, 195 companies on the S&P 500 used the term “weather” at least once in their conference calls. This represents an 81% increase over the 108 companies that mentioned the weather in their conference calls in the same period last year. (Source: “How many S&P 500 companies have commented on the weather?” FactSet, March 14, 2014.) And if you want to not-so-subtly warn investors things aren’t looking too good, just blame the weather. The estimat ... Read More