Pets are feeling the inflation squeeze
PITTSBURGH (KDKA) - Spoiled pets are feeling the inflation pinch.
New data indicates pet owners might be splurging less on their furry companions. Shares of online retailer Chewy are down more than 35% this year.
The drop led some investors to wonder whether surging inflation could impact sales and earnings.
Meanwhile, retail giants Walmart and Target are reporting consumers are now spending money, mostly on essentials.
"Prices have skyrocketed. People can't even pay for their own groceries, let alone care for their pets," said Suzie Sloan, the Director of Development for PAWS Atlanta.
Pet shelters across the country are reporting a growing number of pet surrenders and a surge in owners needing help with basics, like food and vet care.
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