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Americans spending billions on their pets

By msnbc.com news services

Americans may be keeping a close watch over their consumption habits because of the uncertain economy, but when it comes to their pets they’re still splashing out.

With the 136th Westminster Kennel Club dog show set to begin Monday, CNBC's Jane Wells took a look at the business of pet care, which Bank of America estimates costs Americans more than $40 billion each year -- not only in life, but also in death.

At the Los Angeles Pat Memorial Park, where around 50,000 animals are buried, the cost of a funeral can start at over $600, Wells reported. And headstones can sometimes cost as much as $4,000.

When it comes to stock investments, PetSmart may be top dog, Wells said, noting that the retail chain has reported same-store sales growth in each of the past 16 quarters, and its share price is up 37 percent over the past six months.

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