A team at LendingTree surveyed more than 1,400 Americans to better understand the financial burdens of pet ownership. From how much they spend on their pets to how they’d cover unexpected pet-related expenses, a quick look at what they found:
- 28% of pet owners(and more than 4 in 10 Gen Zers and millennials) spend money on their pet for social media posts, such as a special outfit for their dog.
- Pet owners are spending an average of $1,163 per year on food, treats, props for social media content and other expenses; Gen Z pet owners spend the most, shelling out $1,885 annually.
- Pet ownership comes with continuous costs, as 98% of pet owners spend money on their pet every single month, averaging $86.
- 45% of pet owners would have to take on debt to cover a $1,000 emergency pet expense. Additionally, nearly 1 in 10 (8%) are currently in debt for their pet.
You can view the full study here: LendingTree’s Pet Ownership Survey