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Pet Industry Has $221B Impact on US Economy

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It supports 1.3M jobs.

LAGUNA BEACH, CA – The pet industry generated more than $221 billion in direct, indirect and induced economic impact, according to a new study.

The economic analysis also showed that the pet industry supported over 1.3 million U.S. jobs in 2015 that paid more than $60 billion in salaries, wages and benefits.

The research was conducted by George Mason University and released at the Pet Industry Leadership Conference in Laguna Beach, CA. 

“While annual spending for the pet industry is reported each year, this is the first time that anyone has looked at the widespread impact of the pet industry as a whole on the U.S. economy,” said Terry L. Clower, professor of public policy at Schar School of Policy and Government. Clower is also director of the school’s Center on Regional Analysis, which headed the study.

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“Not only does the pet industry contribute more than $221 billion to the economy, but that also includes an impressive $23 billion in federal, state and local taxes,” Clower said in a press release.

Pet Industry Joint Advisory Council President Mike Bober said the study proves taking compassionate care of pets is also good business.

“As we continue our efforts to provide for and protect the health and well-being of our companion animals, this report is an encouraging sign that responsible pet ownership is on the rise and that this industry is having a positive impact on our country, both in terms of the benefits we derive from pets and those that we provide them in return,” said Bober, whose group funded the independent study in partnership with the Pet Leadership Council. Bober joined Clower and PLC Chair Bob Vetere to present the study’s results to hundreds of industry leaders at the pet industry’s annual leadership conference.

To determine the industry’s total economic impact, Clower and his team analyzed data from the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, the National Pet Owners Survey conducted biannually by APPA, and other resources using the IMPLAN economic model. This analysis yielded estimates of direct, indirect, and induced economic impacts resulting from initial industry spending.

“We’ve always known that the pet industry is a significant one, but this study solidifies exactly just how big of an impact it has not only on pet owners but the country as a whole,” Vetere said. “Beyond the well-known benefits pets provide of love, companionship, fun, joy and health, they also help our country’s economic vitality.”

According to the report, consumers spend over $77 billion on their pets annually. Pet food and veterinary services are the two leading sources of spending within the industry. Other sectors considered in the study include manufacturing of pet supplies and toys, pet pharmaceuticals, grooming, boarding and other services, wholesale and retail trade involving pet products, and the emerging pet health insurance industry.

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The study is the second conducted by Clower and the Center for Regional Analysis showing benefits derived from the pet industry. In late 2015, Clower found that the pet industry saves $11.7 billion in healthcare costs as a result of pet ownership.

An executive summary of the report can be found on the PIJAC website, www.pijac.org.

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Here’s How Much People Plan to Spend on Their Pets This Holiday Season

SunTrust conducted a poll.

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ATLANTA — Pet owners are not holding back on holiday cheer for their furry friends, a new report has found.

Half of Americans are putting their pets on their gift list, planning to spend an average of $137 on four-legged family members this holiday season, according to the SunTrust (NYSE: STI) National Financial Confidence Poll.

“For many people, pets are members of the family, so it’s expected that we would want to include them in the holiday fun,” said Brian Nelson Ford, financial well-being executive at SunTrust. “Our studies show that the holiday season often comes with pressure to overspend. Gifts for pets, friends, neighbors and other obligations can add to the pressure when the spending is unplanned. It’s important to be upfront about what we care about, and build our holiday spending plan to enjoy the memory-making moments of the holidays.”

In the timeless debate of cats versus dogs, the survey finds that dog owners are significantly more likely to buy a gift for their furry friend (59%) compared to cat owners (34%). What are they giving? The most common selections are new treats and toys (65% and 61%, respectively), followed by holiday clothing (19%). Younger pet owners are significantly more likely to buy their pets a gift this season, leading with Gen Z (63%) and millennials (57%), followed by Gen X and Boomers (51% and 46%, respectively).

The SunTrust National Financial Confidence Poll is fielded quarterly and is representative of the U.S. adult population, with 2,500 participating Americans of different ages, incomes and geographic regions. Statistics referenced in this release are from the poll fielded in Q3 2019. The survey defines Gen Z as those born from 1997 on, millennials as those born between 1981 and 1997, Gen Xers as those born between 1965 and 1980, and Boomers as those born between 1946 and 1964.

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Video: Bush Service Dog Honored with Life-Size Statue — Take a Look

It was unveiled in College Station, TX.

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A statue has been unveiled honoring a service dog that assisted President George H.W. Bush.

The life-size bronze piece was commissioned by America’s VetDogs, Inside Edition reports. Created by Susan Bahary, it went on display at Bush’s presidential library in College Station, TX.

The dog, Sully H.W. Bush, is a yellow labrador trained to perform a wide variety of tasks, including answering the phone and fetching items. A year ago he flew with the presidential casket, accompanying the former president’s body from Houston to Washington.

The dog “looked impressed by his likeness,” according to Inside Edition.

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Pet Food Company to Launch with $5.6M in Funding

Investors include Will Smith and other celebrities.

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LOS ANGELES — Direct-to-consumer pet wellness brand Jinx is launching with $5.65 million in funding from high-profile investors such as Will Smith and family, rapper NAS, singer Halsey, late-night host and YouTube star Lilly Singh, TV host and former NFL hall-of-famer Michael Strahan and soccer star Daniel Sturridge.

The brand will officially launch in January at www.ThinkJinx.com, with future expansion plans into retail.

Jinx “will offer a nutritionally comprehensive and calorically balanced kibble and treat lines made with high-quality ingredients and proprietary formulas that eliminate artificials and fillers, and use only the best proteins and superfoods – starting with Organic Chicken and a medley of powerhouse fruits and vegetables,” according to a press release.

Jinx was founded by former Casper mattress executives Sameer Mehta and Michael Kim. It’s led by CEO Terri Rockovich.

“You are not a caveman, and your dog is not a wolf. Our dogs have evolved and have lifestyles full of doggie playdates, trips to the park, long naps and human cuddles,” Rockovich said. “Jinx is inspired by a modern perspective on advanced nutrition that will help our dogs sustain their healthy, advanced lifestyles.”

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The investment in Jinx was led by Alexis Ohanian of Initialized Capital, with participation from Align Ventures, Brand Foundry, Sinai Ventures, Wheelhouse Group, &vest and NQV8.

“The pet industry is on track to exceed $75 billion this year, fueled by millennial pet owners,” Ohanian said. “They’re spending more on pet food than any other generation and even delaying life milestones to care for their pets. Now is the time for a brand like Jinx.”

 

 

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