December 12, 2012 12:44 PM

Pet owners spend billions on holiday treats, clothes, jewelry

Gigi Hazelzet loves Christmas and watching her 4-year-old Yorkie, Lulu, unwrap her presents under the tree. First she sniffs and then attacks, ripping through gift wrapping and bows to find her new treat. his year, pet owners like Hazelzet are expected to spend $5 billion on gifts for their dogs and cats, according to the American Pet Owner's Association.

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