According to proprietary data from an online consumer survey conducted by Packaged Facts between February and March of 2012, of the 2000 respondents, 92 percent of dog owners and 90 percent of cat owners consider pets to be a part of their family. The respondents were 836 dog owners and 620 cat owners. It is further revealed that households without human children are less likely to be concerned about higher priced pet services and products. Many pet-owning households that do not have human children view their pets as “surrogate kids” and devote much time, money, and attention to them.

The report reveals that the Hispanic population in America is growing and with their over $1 trillion dollars of buying power as of 2011, this is a segment from which most pet industry marketers can benefit. Further, the number of minority dog and/or cat-owning households grew 28 percent between 2006 and 2011, revealing an addition of almost three million minority households.

David Sprinkle, publisher of Packaged Facts, shared, “The specific boon for the pet market is the greater tendency for these affluent consumers to favor the humanized and premium-priced health products and services designed for their pets.”

Another component that is considered crucial in the overall pet markets is higher income-earning households, with those earning over $70K a year accounting for over half of the overall pet industry spending. The spending is on everything from pet products to veterinary services to dog sitting and walking.

Packaged Facts is located in Rockville, Maryland, and publishes market intelligence about consumer market topics. For more information, visit their website at www.packagedfacts.com.