There has been a decline in pet ownership from 2006 to 2011, perhaps due to the struggling economy, but new stock trends suggest that pet owners are still just as likely to spoil their pets.
A release from the American Veterinary Medical Association showed that pet ownership dropped 2.4 percent since 2006. Cats were the most prevalent pet, with a population of 74.2 million to 70 million dogs. More than 36 percent of households owned a dog and fewer than one in three households owned a cat. This suggests that many cat parents own more than one feline family member.
Dr. Ron DeHaven, the association’s chief executive officer, told the New York Daily News the drop in pet ownership could be attributed to the economy.
“As pets are living out their natural lives, they’re not being replaced due to the economic concerns that go with responsible pet ownership,” DeHaven said.
He added that pet owners still consider pets to be part of the families.
This continued attachment to pets was reflected in recent pet care company earnings. MSN Money reported that PetSmart’s earnings Wednesday prove owners will still spend a lot on their pets. Shares of the retailer gained more than 150 percent during the past five years, outperforming bigger chains such as Wal-Mart and Target.
These numbers prove the strong bond between people and their pets, as many industries haven’t seen this type of growth during the Great Recession. MSN Money reported that pet owners are spending more on advanced treatments from specialists and more on high-end products such as pet steps and cat playhouses. This “spoiling” of pets with designer clothes and first-class travel has caught the attention of media. ABC news did an “intervention” segment for pet owners who may dote on their furry friends a little too much.
There are spending differences between cat and dog owners, though. According to MSN Money, there were 130.4 million veterinary visits for dogs in 2011, a 9.2% increase from 2006. Cat visits fell 4.4 percent during that time.
Still, neither owners seem to be backing down from spending, and the high numbers for pet care products are expected to stay steady as holidays approach and people buy gifts for their pets. The American Pet Products Association estimated that owners will spend $52.87 billion on their pets their year, compared to $38.5 billion in 2007.