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Since I have been a bit behind on the blogging, thought I post this interesting article about the resilient pet goods market.
"Even as the economy for us humans bogs down again, the pet economy has proved remarkably resilient to a weak housing market, high unemployment and those diminished 401(k)’s. The industry has continued to grow through the recession, albeit at a slower pace, and last year, Americans spent a record $55 billion on their pets, according to the market research firm Packaged Facts, more than the gross domestic product of Belarus."
The fact that we keep spending so much on pets and their luxury goods perhaps suggests that consumer spending as a whole might go up in the coming years. Overall I think its a good sign that at least some industries are staying strong, even though pet luxury isn't something I'd personally focus on in this economic downturn.
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hahaha, that's a pretty interesting thing, Michelle. Glad you could enlighten us on the dog market.
ReplyDeleteHaha I agree with Dane. But it makes sense that some people continue to spend lavish amounts on their pets. To some, pets are just as important (sometimes even more so) than children. And since a dog doesn't get to choose to go to a $40,000 a year private liberal arts school, some couples/people feel that they are justified in giving extensive treatments to their pets. I find it comforting that in hard times people aren't neglecting their animals, because these creatures cannot find jobs and fend for themselves on the streets.
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