Money

Pet Halloween Costumes: Americans Expected To Spend $370 Million This Year

This product image courtesy of PetSmart shows the Top Paw Bee Costume. Pet owners will dress up millions of dogs this month for Halloween parades, parties, pictures, contests or candy hunts. (AP Photo/PetSmart)
This product image courtesy of PetSmart shows the Top Paw Bee Costume. Pet owners will dress up millions of dogs this month for Halloween parades, parties, pictures, contests or candy hunts. (AP Photo/PetSmart)

Forget the jobs report, this must be the clearest indicator that the economy is recovering.

Americans are expected to spend a record $370 million this year on Halloween costumes for pets, according to the National Retail Federation. That's a whopping 40 percent more than what we spent on our pets just two years ago.

While the recession may have taken a toll on pet ownership, as Americans own fewer pets than they did in 2006, it seems we're not penny pinching when it comes to buying our animal friends top-of-the-line products. National pet spending surpassed $50 billion for the first time in 2011.

The average American is expected to spend $79.82 on Halloween this year, according to the NRF. Nationwide, spending is expected to hit $8 billion.

(Hat tip: Moneyland)

Check out some of our favorite pet Halloween costumes!

Our Favorite Pet Halloween Costumes