We’ve seen pet spending numbers year after year. Now, a study conducted by George Mason University has examined the total economic impact of the pet industry on the economy. Dr. Terry Clower shared that the industry contributes more than $221 billion to the economy including an impressive $23 billion in federal, state and local taxes.
Source: Pet Product News International, March 2017.
According to the report, Americans spend more than $77 billion annually on their pets. Petfood and veterinary services are the two leading sources of spending within the industry.