Pet industry recession proof?

A new report by the American Pet Product Association said that total spending on pets in 2008 topped $43 billion, an increase of 4.9 percent over 2007.

And it seems 2009 is trending that way as well.

Bob Vetere, President of APPA, wrote the article you can see here.

He said it comes as no surprise that, as pets are increasingly important in their owners' lives, what people spend on them is reflected in the health of the industry, which is the eighth largest retail segment in the U.S., ahead of toys, jewelry, candy and alcohol.

[After the first half of 2008] the economy collapsed with the woes of Wall Street. However, the resulting impact on the pet industry reveals a promising resiliency even through the toughest of times. With the final spending figures for 2008 released and early indicators for 2009 interpreted, the pet industry has fared better than most. While no industry is truly recession-proof, the pet industry seems recession-resistant. One popular newspaper referred to the industry as “the antidote to the recession.”

Greater than anticipated growth, Vetere said, was in routine veterinary services and pet-sitting and boarding, growing at 10 and 6.7 percent over 2007, respectively.

Sales of food grew 3.7 percent of 2007, while over-the-counter medications grew only 2 percent.

We love our pets, it seems. Have any of you cut back? If so, how?

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