Source: Dumb Little Man
In the United States today, there are nearly 90 million pet dogs – that’s 90 million snuggle buddies, fur babies, and best friends that rely on us to take care of them. In 2018, spending on pets exceeded $72 billion, putting the business of pets far ahead of countless other industries.
So, what is it about the pet industry that seems so recession-proof?
How Much Do We Spend On Our Pets?
On an individual basis, pet parents spend around $100 per month on their pets. This includes food, treats, toys, and essential healthcare. But when money is tight, especially in the case of Millennials and Gen Z, pet parents make do with what they have.
Three out of four pet owners say they would make sacrifices on their own financials if their pet needed it. 79% said they’d quit eating at restaurants while 67% said they’d put off taking a vacation.
At the end of the year, our annual spending on pets comes out to around $1,300 – but what happens when this isn’t enough?
- $142: the amount Millennials spend on pets per month
- $124: the amount Gen Zers spend on pets per month
- $105: the amount Gen Xers spend on pets per month
- $80: the amount Baby Boomers spend on pets per month
See also: Using Tech To Give Your Pet A Better Quality of Life
Vet Bills And Pet Insurance Are On The Rise
Though our love for our pets is unconditional, our financials may not be so.
American pet owners collectively spend more on their pets than the combined GDP of 39 countries, but where is this money coming from and where is it going?
By 2022, the pet health insurance business is predicted to reach a value of…
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