Pet Spending Statistics
Truth About Pet Spending
Discover how much pet owners spend on pet ownership and the factors driving these expenses.
Global Pet Spending
The Pet Care Market is worth $207.9 billion globally, with the pet food industry and pet insurance market expected to reach $325.75 billion by 2028.
U.S. Pet Spending
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.
Millennials and Pet Spending
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.
Future of Pet Spending
With the rise in pet ownership and the trend of considering pets as family members, pet spending is expected to reach new heights in the coming years.