All About The Expensive Secret Life of Pet Parents
TFG Shorts is back, and it’s all about the family pet or pets! Our super expensive friends who eat premium food, go to the groomers and we can’t life without?! Maybe.
In this episode of the Financial Griot podcast, we discuss the cost of being a pet parent and modern pet culture. The pet market is a $200+ billion dollar industry in North America.
That’s Billion with a “B”.
The global pandemic sped up the process with even airlines adding pet restroom spaces. This is big business.
Currently 70% of US homes own a furry companion while pet side hustles are booming. It might be the next best thing for young adults dealing with low wages.
Table of Contents
Total U.S. Pet Industry Expenditures
Year Billions of dollars
2021 $123.6B
2020 $103.6
2019 $97.1
2018 $90.5
In 2021, $123.6 billion was spent on our pets in the U.S. Breakdown:
- Pet Food & Treats – $50.0 billion
- Supplies, Live Animals & OTC Medicine – $29.8 billion
- Vet Care & Product Sales – $34.3 billion
- Other Services – $9.5 billion
*Other Services include boarding, grooming, insurance, training, pet sitting and walking and all services outside of veterinary care.
The pet industry is expected to reach $358.62 billion by 2027. There are over 630 different pet food brands. Americans spend $103.6 billion on products per year. This industry has increased 115% since 2011.
Has pet ownership increased?
Both dog and cat populations have increased in recent years, as well as the percentages of households owning dogs or cats, but there are fewer pets per household. Animal shelters are a key source of new pet acquisition—accounting for 40% of cats and 38% of dogs in 2020.
In 2020, 45% of households owned dogs, up from 38% in 2016. The population of pet dogs was estimated to be between 83.7 million and 88.9 million, up 16% from 2016. In 2020, 26% of households owned cats, up from 25% in 2016. The total population of pet cats was estimated to 61.9 million, compared with 58.4 million five years ago.
So should you get a forever friend?
Well there are many health benefits. They can increase opportunities to exercise, get outside, and socialize. Regular walking or playing with pets can decrease blood pressure, cholesterol levels, and triglyceride levels.
Pets can help manage loneliness and depression by giving us companionship. It comes down to you and your own temperament. Unfortunately, it’s just not free. A recent article highlighted a disturbing new trend as inflation goes up.
According to this CNBC article, “Higher housing costs force more pet owners to surrender their dogs.” While it’s not ideal, their local shelters have foster care programs that place dogs on a short-term basis while owners get back on their feet.
Beside gripping about our furry friends, Here’s some details about us
The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don’t. Stories about growth, opportunity, and embracing changes. Beyond that, we talk about Finances. Specifically, how to become Financially literate, incorporate actionable steps, and ultimately build generational wealth.
Can you imagine being a Millionaire in 20 years or less? Yeah, it’s possible. 80% of millionaires are the first generation. That means they didn’t come from wealth. We teach you how. Join a community of subscribers that welcome a fresh take on money.
So there you have it, The Financial Griot or TFG for short. The hosts were able to amass over $2 Million in wealth in about 8 years and are on track to retire early. If you want the secrets; we will gladly share them since the opportunity is abundant and Win-Win.
Find the TFG Crew Hosts on Instagram
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
- Lawrence Delva-Gonzalez – Federal Auditor, Blogger and Tax Specialist @theneighborhoodfinanceguy
About Author
