Puppy love: Over $53 billion spent on pets in 2012

Associated Press

LOS ANGELES (AP) — The U.S. economy may have remained sluggish last year but Americans refused to scrimp on their pets, with animal lovers spending upwards of $53 billion on food, veterinary care, kennels and other services in 2012.

That's up 5% from 2011, when spending first broke the $50 billion barrier, says the American Pet Products Association, a trade group. APPA President and CEO Bob Vetere predicts another 4% gain this year.

At about $34.3 billion, food and vet care represented about two-thirds of total spending, with money spent on supplies and over-the-counter medications rising by more than 7%.

Vetere says spending on services like grooming, boarding, hotels and pet-sitting grew nearly 10% during 2012 to almost $4.4 billion.