US Pet Industry Booms as Americans Elevate Animals

Commentary Americans are spending more money than ever on their pets, which are increasingly replacing children as members of the household. In many cities, canines seem to be taking over public spaces, from parks and sidewalks to restaurants and stores. A vast industry has arisen to cater to the needs of dogs, cats, and other animal friends, including health insurance, hip replacements, gourmet food, and high-end accessories. U.S. consumers will spend an estimated $150.6 billion on their pets in 2024, rising from $147 billion last year, according to projections from the American Pet Products Association (APPA). To put that in perspective, $150.6 billion is more than the gross domestic product (GDP) of most countries in the world. If the U.S. pet industry were its own country, it would rank as the world’s 59th largest economy as of 2022, just behind Ukraine....