It amazes me. The global economy is in tatters. America continues to stumble out of recession. Unemployment figures remain high. And yet. People continue to spend more and more on their pets.
Figures recently released prove this fact more than ever. According to the American Pet Products Association, U.S. households will likely spend more than $50 billion on pets in 2011. That is up 23% from $41.2 billion in 2007. That's no small improvement. It's a downright surge in pet spending. Interestingly, $4 billion of that total is expected to be spent on boarding and grooming.
That's a lot of money and it goes a long way to explaining the continued success of our pet franchises. Animal lovers - and profit lovers - should take note. Pet businesses are showing no sign of a letdown in the face of the stagnant economy.
It's a lucrative time to be working in the pet franchise industry. This might be your time to own a pet franchise.