The $100B Dog · Longevity · Exhibit L-1

The Longest Climb

U.S. consumer spending on pets, pet products & related services — a continuous federal economic series since 1929. Ninety-six years. One sustained fall.
$0B$50B$100B$150B$200B $100B line — first crossed in 2016 19291950197520002024 $188.8B · 2024 Great Depression — the only sustained fall (−42%) grew through ’08 grew through COVID
96 yrs
Continuous federal data, 1929–2024
1,138×
Nominal growth, $0.17B → $188.8B
~7.7%
Nominal CAGR across the period
2 of 2
Grew through both 2008 & 2020
Reading the exhibit. This is not a trade-association estimate — it is a U.S. Bureau of Economic Analysis consumption series, the same kind of federal data that tracks autos and housing, running unbroken since 1929. The pet economy crossed $100B in 2016 and reached $188.8B in 2024. It grew straight through the 2008 financial crisis and the 2020 pandemic. The only sustained decline in ninety-six years was the Great Depression — and it recovered. No other consumer category gets to point at a near-century of federal data and a demand history that runs back ten thousand years.
Source: U.S. Bureau of Economic Analysis, Personal consumption expenditures — Pets, pet products, and related services [DPETRC1A027NBEA], via FRED, Federal Reserve Bank of St. Louis. Nominal dollars, not seasonally adjusted, annual; not inflation-adjusted (a separate real-quantity series, DPETRA3A086NBEA, also runs from 1929). This BEA consumption series differs in scope and method from APPA's pet-industry expenditure figure (~$152B, 2024) and should not be spliced with it. Cited by name; not an endorsement. Informational only — not an offer or solicitation. Entity, jurisdictional, and exemption-specific legends to be finalized by securities counsel prior to external distribution.