Americans spend more than $72 billion on pets—here's how dogs and cats became big business

How America's obsession with pets helped create a $72-billion-a-year...

Americans spent $72 billion on their pets in 2018.

From tech gadget toys to specialized veterinary care, humans now splurge on dogs and cats the same way they might do on themselves or a child.

It's part of a trend called the 'humanization' of pets. A big driver behind this movement? Millennials. As some delay having children and starting families, more and more end up treating their pets as surrogate children.

"The millennial suburban, urbanites essentially have their pets as their quasi children," Guggenheim Securities analyst David Westenberg said. "So as you see people moving to urban environment and people getting married later, essentially you have your dog being the surrogate children."

Watch the video above to learn more about how Americans' love for pets turned into a $72 billion a year industry.