When considering WHERE to invest your money in our new economy, you'd be wise to consider jumping on the Pets as Children bandwagon. The fast-increasing population of these "pet parents" was identified in Mark Penn's book MicroTrends and is evidenced in the astounding sums that Americans continue to invest in spoiling their furry family members.
The $4 - $10 health-conscious treats and meals sold to lucky pooches at the Whole Pet Cafe pales in comparison to the $900 Gucci dog bowls being sold to affluent pet parents. 27% of people now provide for their pets in their wills, leading to a boom in legal services to provide posthumous care of pets... From designer homes to burberry coats to gourmet dog food, more than $38 Billion is spent each year on pets... in THIS economy. And good news for any business owner catering to this demographic: It is increasing.
Baby boomers are an ideal demographic, simply because they have the money to spend on non-essentials. AND, research shows that over the past 20 years, the drop in households with kids at home mirrors the rise in households with pets.
63% of American households have pets at last count.