Another side effect of the coronavirus appears to be an outbreak of spoiled fur babies. More time at home in 2020 has meant more time with our pets, as well as a spike in pet adoptions, according to CNBC. Dogs, cats, birds, and other animal companions have been getting a lot of attention and it’s showing in the bottom line of many pet-related businesses in the U.S.
Financial forecasters say Americans will spend a record $99-billion on pet-related items this year. That includes veterinary care and pet food. The American Pet Products Association says online pet food sales soared 77% in March of 2020.
Pet products are also expected to be one of the top gift-giving categories this holiday season. A recent Deloitte survey found that pet owners plan to spend an average of $90 on holiday gifts for their furry friends. Many of those purchases may be for items to help pets with separation anxiety and boredom.