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Newsletter

Pet spending 'not hit by recession'

By Marianne Straker, Thu 18 Jun 2009 - Published in Pet Insurance

Spending on pet health products and pet insurance has not been adversely affected by the economic downturn, new research has suggested.

According to the latest figures from the American Pet Products Association, there remains a healthy market for buying pet products in the US and it is believed that this is the same in many other countries around the world.

Despite the recession hitting families hard, products such as pet insurance have continued to sell well, with owners clearly unwilling to let their four-legged friends suffer during the downturn.

The American Pet Products Association predicts that Americans will spend $45.4 billion (£27.9 billion) on their pets in 2009, representing an increase of over $2 billion from the previous year.

Nonetheless, there have been fears from pet experts in the UK and the US that the economic slowdown might have a negative impact on the number of people taking their animals for non-essential treatment such as vaccinations.

This can prove an important step because some pet insurance policies may not cover owners if they have failed to provide their animals with the proper protection.