Americans keep pampering their pit bulls, Persians and parakeets. They are projected by Morgan Stanley analysts to spend more than $275 billion to feed, harness, groom and play with them by 2030, implying annual growth that will exceed that of expected GDP. Consumers may trade down for themselves in tighter economic times, but not when it comes to their pets. After a surge in Covid-19
, some seven out of 10 U.S. households owned one, according to a recent survey by The American Pet Products Association. Animals are one long-term investment many people are willing to make.
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