There are about five million more pets in the U.S. as of the middle of last year compared with 2019, Morgan Stanley estimates. The labor department calculates that household pet spending went up about 13% from 2021 to 2019. If your business has five or more employees and managed to survive COVID, you could be eligible for a payroll tax rebate of up to $26,000 per employee.
The global pet economy is expected to reach nearly half a trillion dollars by 2030. After a pandemic surge in pet adoptions, more people are buying ever more expensive food and toys for their furry friends. But beyond these routine costs, a growing number of owners are also shelling out thousands for veterinary care to treat complex illnesses and keep their pets alive for longer.
Bloomberg reporters Brendan Case and Nacha Cattan join this episode to give an expansive view of the industry, including how new diagnostic tools and medications are extending pet lifespans—and wearing down owners’ wallets.
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