Valentine’s Day gift spending for pets to hit record in US
Pet owners will spend $1.7 billion on gifts, according to the NRF
Puppy love is stronger than ever.
Pet owners plan to spend more on their fur babies this Valentine's Day than ever before, according to the National Retail Federation (NRF).
Twenty-seven percent of people say they will buy Valentine’s Day gifts for their pets, totaling approximately $1.7 billion in spending. The numbers are the highest in survey history and have increased by 17 percent since 2010.
MILLENNIALS RACK UP MORE DEBT FROM PETS, VETS THAN ANY OTHER GENERATION
“Husbands and wives don’t need to be worried if their spouses are buying a Valentine’s Day gift for someone else – most likely it’s… a treat for the family dog,” Prosper Insights Executive Vice President of Strategy Phil Rist told the NRF.
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As a whole, Valentine’s Day spending is expected to hit record highs with total spending projected at $27.4 billion, up 32 percent from last year's record $20.7 billion. About 55 percent of Americans plan to celebrate the holiday altogether.