Americans spent just over $60 billion on their pets last year, a record fueled by a big jump in what owners shelled out for services like grooming, boarding and training.
Two age groups drove the increase: millennials, because of their lifestyle, and baby boomers, because of their age, said Bob Vetere, president and CEO of the American Pet Products Association.
Those groups in particular often look to others to keep their pets exercised and looking and feeling good. They also tend to hire pet-sitters and use boarding services.
Americans spent $5.4 billion on such pet services last year, up nearly 12 percent from 2014, according to the association’s annual report released Thursday at the Global Pet Expo trade show in Florida. Here are some of its other findings:
The spike in service spending is expected to moderate in 2016 but still increase nearly 6 percent, more than any other area of pet spending.
The report found people are turning more to pharmacies, pet stores and food supplement stores for products to increase their animals’ health and longevity.
Spending on pet supplies and medication increased nearly 4 percent, compared with a 2.5 percent hike for veterinary services.
Americans are spending more to take care of their pets, but they aren’t buying as many pets to begin with. People spent about $2.1 billion buying animals last year, down 1.4 percent from 2014. It was the second year in row that sales fell, and a third dip is expected in 2016, though the decline should moderate.