U.S. citizens spent a whopping $123.6 billion on their pets, with $44.1 billion spent on pet food and treats alone in 2021.
Pet Spending in Other Countries
Australians spent $30.7 billion on their pets in 2021, while Chinese spent $31.89 billion in 2020. In the U.K., adults aged 65-74 spend the most on their pets.
Pet Insurance Growth
The number of insured pets in the U.S. has increased by 28.3%. 81.7% of dogs are insured compared to 18.3% of cats.
During the pandemic, 61% of U.S. millennials cut back on their pet spending. However, many younger generations prefer pet parenting over having children.
Special Occasions and Pets
Americans splurged $1.7 billion to buy Valentine’s gifts for their pets and $490 million on Halloween costumes for them.
Pet Ownership Insights
Two out of three U.S. households now home a pet, meaning animals live in 90.5 million homes among us.