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On pandemic pets as a 'furry annuity' for the next decade: What trend means for pet-care industry

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Americans spent a record $103.6 billion on their pets last year, up 7% from 2019, as more people sought the comfort of a furry friend during the pandemic, according to the American Pet Products Association. 

It’s a good time to oversee a company that sells leashes and squeaky toys. Americans spent a record $103.6 billion on their pets last year, up 7% from 2019, as more people sought the comfort of a furry friend during the pandemic, according to the American Pet Products Association. Nearly 13 million households got a pet last year, the trade association said.

There’s a macro trend in the United States on the back end of COVID-19 of migration away from cities toward suburbs or rural areas, places that have larger size homes. And there tends to be a correlation between the size of the living space and the type of pet that is adopted.
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