Americans spent almost $61 billion on pets in 2015 – a 4.4 percent increase from 2014. This article notes cautious optimism about the future of the pet industry and cites areas of success and others that are experiencing challenges.
Source: Reuters, February 22, 2016.
The amount of money being spent on pets has increased every year since 1994, according to the American Pet Products Association. Spending increased 4.4% to $60.59 billion from 2014 to 2015, the APPA said.
INSIGHTS – The take-home fact for animal health pros is from William Bell, Atlanta Capital Management. “The lifetime revenue per dog, if you’re doing every test that’s recommended, will be $17,000,” said Bell. “Right now, the revenue per dog is $3,000 so there’s tremendous room for growth.” To me, this means we must continue to assertively promote compliance and prevention themes.