Original Article: https://blog.theanimalrescuesite.greatergood.com/pet-spending-cuts/

A recent survey conducted by Quicken Inc., the maker of personal finance software, has revealed that only 38 percent of pet owners would consider cutting back on their spending habits when it comes to their fur babies should they get laid off. What makes this interesting is that 56 percent of parents say they’d sacrifice child care if the same were to happen to them.

Conducted and released back in April 2023, the purpose of the poll was to determine just how much belt-tightening Americans have done so far while faced with high inflation and just how much more they’re willing to go if need be. For the majority of paw parents, there doesn’t appear to be a threshold they’re unwilling to cross when it comes to old Shep or Miss Kitty.

Sacrificing for Pets

According to a piece in Moneywise, consumers like Tay Ladd love pampering their pets as if they were children, taking her mini goldendoodle, Gus, with her to pet-friendly eateries and dressing him in expensive scarves and sweaters worth thousands.

“He lives a better life than most people in the world,” Ladd admits. She noted her dog’s “little luxuries” are one area of spending she refuses to cut back on, and she’s hardly alone. Ladd also stated that if she did the same for a human child, few would judge her for it. “I will spoil my dog, and I will not be judged for that,” she added.

If she were to find herself jobless or seeing her hours slashed, she said she’d find other ways to cut back before she skimped on Gus.

Pet Ownership Statistics 2023

Per Forbes Advisor,

66 percent of U.S. households (86.9 million homes) own a pet now.

Dogs are the most popular pet in the U.S. (65.1 million U.S. households own a dog), followed by cats (46.5 million households) and freshwater fish (11.1 million households).

Millennials make up the largest percentage of current pet owners (33 percent), followed by Gen X (25 percent) and baby boomers (24 percent).

In 2022, Americans spent $136.8 billion on their pets, up 10.68 percent from 2021 ($123.6 billion).

Dog owners spend an average of $730 a year on their dogs.

42 percent of dog owners and 43 percent of cat owners got their pets from a store, while 38 percent of dog owners and 40 percent of cat owners got their pets from an animal shelter or rescue instead.

Veterinarian Bills

Forbes‘ survey of more than 5,000 U.S. dog owners learned that 41 percent of dog owners spend between $500 and $1,999 a year on their dogs and 8 percent spend more than $2,000. If an unexpected vet bill were to pop up for a major incident, 42 percent of pet owners said they couldn’t cover a bill of $999 or less right now, adding that it would put them in debt, while a vet bill of $499 or less would cause 28 percent of pet owners to go into debt.

On the other hand, 36 percent of dog owners reported that they’d spend $4,000 or more out-of-pocket on life-saving medical care for their dogs if push came to shove. The Forbes piece is far more informative and offers fascinating insights into ownership, so it’s well worth the read if you get an opportunity to peruse it. Just click on the link above.

Source: The Animal Rescue Site Blog