No Cent Spared on Puppy Love
Sydney, Australia – COME bull market or bear, it seems the only way is up for retail spending on Australia’s ”fur children”.
From $810.4 million for accessories such as collars and costumes, to the $1.14 billion for training, clipping, boarding and walking, the pet products and services industry is tipped to generate $7.88 billion in revenue this financial year, according to the business information analyst IBISWorld.
It is part of an increasing spend by the 63 per cent of households with pets that has helped the sector defy the downturn seen in other areas of the economy, the general manager, Karen Dobie, said.
“While 2010-11 was categorised by slow men’s and women’s fashion retailing, there is no slowing the spending when it comes to pets – with owners forking out $780 million last year on the latest pet products and accessories,” she said.
