PITTSBURGH (KDKA) — Spoiled pets feel inflation pinch.
New data indicates that pet owners may be spending less on their furry companions. Shares of online retailer Chewy have fallen more than 35 percent this year.
The decline has left some investors wondering whether rising inflation could affect sales and earnings.
Meanwhile, retail giants Walmart and Target report that consumers are now spending money, mostly on essentials.
“Prices have skyrocketed. People can't even afford their own groceries, let alone take care of their pets,” said Suzie Sloan, PAWS Atlanta development director.
Animal shelters across the country are reporting a growing number of pet surrenders and a wave of owners needing help with basic services, such as food and vet care.
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