By The Associated Press
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That's up 5 percent from 2011, when spending first broke the $50 billion barrier, says the American Pet Products Association, a trade group.
APPA President and CEO Bob Vetere predicts another 4 percent gain this year.
At about $34.3 billion, food and vet care represented about two-thirds of total spending, with money spent on supplies and over-the-counter medications rising by more than 7 percent.
Spending on the growing market of alternative vet care, such as acupuncture, totaled about $12.5 billion.
Vetere says spending on services like grooming, boarding, hotels and pet-sitting grew nearly 10 percent during 2012 to almost $4.4 billion.