Photographer: Ron Antonelli/Bloomberg

Material World: The Costly Companionship of Cats and Dogs

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Cats and dogs have never had it so good. Pets have migrated from backyards to bedrooms, and Americans waiting longer to have kids are instead spending more on their furry relatives.

Lindsey and Jenny take a look at the state of the U.S. pet industry. Spending on Spike and Fluffy is expected to hit a record $63 billion this year. People are buying pet insurance, paying for specialized medical treatments and shelling out more for premium food. They are also spending on flashier displays of affection, from Halloween costumes to tailgating outfits to private jets.

To break down the changes in the industry and find out if all this money actually makes a difference to our speechless friends, our hosts talk with celebrity chef Rachael Ray, who launched her own pet-food line called Nutrish, as well as a New York City veterinarian and representatives from Petco and PetSmart.

 

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