Pet Gift Spending Expected to Increase for the Holidays

According to a new poll from AP-Petside, two-thirds of all American pet owners will buy their furry friend a new toy to celebrate the holidays this year.

Dogs and cats used to get leftover wrapping paper or bows to play with as a yule tide treat, but not anymore. Last year, pet owners spent an average of $41 on holiday pet presents -- this year, the average pet is expected to receive $46 in holiday gifts!

Toys are the most likely pet gift, followed by food or treats, clothing (that's my dog, Maddie, in her Halloween costume -- yes, my wife and I are "those people"), grooming stuff, bedding, followed by a new leash or collar.

If you think spending $46 on a dog or cat for the holidays is excessive, keep in mind pet owners spent over $48 billion last year on pets, according to the American Pet Products Association (that compares to about $25 billion spent on video games).