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Recession-proof pets?
Spending on pets has increased more than $20 billion annually in a decade. While certainly the most discretionary kinds of spending on pets will likely be among the sectors to take a hit in the weak economy, there's no sign that the love Americans have for their pets is fading. The 2008 spending on pets was predicted at $43.4 billion, breaking down accordingly:
- Food $16.9 billion
- Veterinary care $10.9 billion
- Supplies/OTC medicine $10.3 billion
- Live animal purchases $2.1 billion
- Non-veterinary services $3.2 billion
Source: American Pet Products Association
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