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Pet Spending Hits All-Time High

The U-S economy is still recovering -- but your pet wouldn't know it.

Alison Kosik tells us about the billions of dollars Americans spend on their pets.

Whether you have a dog, a cat, a tank of fish, maybe even a snake -- the cost of caring for and pampering your pet keeps going up.

Americans spent a record amount of money on their pets in 2011.

And they're expected to spend even more this year.

A trade association finds that Americans dropped more than $50-billion dollars on pets in 2011.

That's an all-time high, as spending rose 5% from the previous year.

And in 2012 -- it's likely to top $52-billion dollars.

The biggest cost is food.

That accounts for almost half of all spending on household animals.

Vet bills are the second most costly.

And over-the-counter medicine and other supplies are the third biggest expense.

The 50-billion figure also includes buying the animals.

And while that's a one time charge -- it can been significant.

The group says a lot of new products and services are fueling the growth, as entrepreneurs and investors start new businesses.

Also helping -- pets are usually one of the last things people will give up when forced to make cutbacks in a tough financial situation.


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