Quarterly reports last year were adding up to another decent year for the pet products market, holding its own against mixed financial markets in
2009. The trend watchers took note and, according to New York Real Estate agents, a soft commercial leasing environment launched many new and expanding pet retail shops. The 25% reduction in rents helped seal long term lease deals and put more services and goods in front of consumers eager to treat their dogs as well as budgets allowed. According to the report released by the American Pet Products Association, spending was up enough to provide an additional $2.2 billion over 2008 totals, from $43.2 to an estimated 45.4 in 2009.
Spending on food increased, from $16.8 to $17.4, the percentage of households with pets remained steady at 62%, but vet care spending jumped, adding another $1.1 billion , from $11.1 to 12.2 billion the highest increase.
The trend report mentions the high-tech high-end goods available for pets that go above and beyond necessity, from battery operated toys to amuse and engage when you’re away, to sunbeds to chase away winter blues.
Let’s not forget other markets that have jumped into the pet-friendly lifestyle market, like the top ten pet-safe vehicles listed each year by Edmunds. Or how about the pets only airline, making sure nobody puts Baby in the corner of the cargo hold. There are all kinds of services and businesses, even blogs (a couple of which I wrote about yesterday) that exist to help people incorporate their dogs and cats fully into their lifestyles.
For more particulars, read the APPA report here There’s a list of health benefits pets provide, should anyone require justification for money spent:)
Since you can’t very well be the judge, do your friends think you spoil your pet? And a bigger question to chew on for those who enjoy this sort of thing: According to Ghandi (and others), the greatness of a nation can be judged by the way they treat their animals; what does that say about us?
One more thing…
The wonderful thing about having animals is that they give our homes a soul (riffing off Jean Cocteau’s quote). They even help us heal. There’s a good article on animal-assisted therapy over at Michele Hollow’s Pet News and Views blog.
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Wow 25%!!
I had no idea rents dropped that much. I hope I didn't miss the boat on finding a place to rent for classes.
Yes, my jaw dropped on that one. Affordable New York, who knew? I would love to see those places! Thanks for the comment, Eric, and let us know if there's a new place to go in New York for dog training classes:)
Interesting. I knew the stats about the pet industry being recession resistant, but wonder if the cheap retail component is true across the country. Here in Tucson, for example, two out of three pet boutiques closed last year. But rents have always been pretty low here, and perhaps people are doing more Petsmart than boutique shopping.
Hi Edie, and yes Tuscon is a different market, not priced into the stratosphere as is, or was, New York. And I think AZ was on the front end of the foreclosure, unemployment mess that the financial markets are responsible for, while NY was one of the last to succumb, creating it's own publicity bubble. Yes, Petco, Walmart, Petsmart are certainly the winners in customer share, specially over the past couple of years. Thanks for stopping in!
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