Of the 90 million dogs in the United States, most of them are more than pets; they are beloved family members. These best friends, guard dogs, and snuggle buddies deserve the very best and at the end of the day, their humans are willing to do whatever it takes to give them the best life possible. The typical American dog owner spends $1,300 a year in pet costs, and that adds up to a whopping $72 billion in 2018 alone.
The Pet Economy Is Booming
Nearly 70% of millennials consider their pet their “fur baby,” and as a result, treat them accordingly. On average, these young people spent around $150 a month on their pet’s needs, with spending from Gen X and Baby Boomers not too far behind at $105 and $80 per month, respectively. Three out of four American pet owners express they would make financial sacrifices, giving up eating out at restaurants, taking a vacation, and even adding to their retirement fund if their pets needed that cash. Regardless, medical emergencies can strike without warning and that immediate attention can come at a high cost.
An Ounce Of Prevention
They say the best offense is a good defense – more and more pet owners are looking into the quality of the food they feed their pets as a means to mintage damage in case of emergency. Over 80% of pet parents believe that better nutrition and higher quality food will help extend their pets lives and begin avoiding questionable ingredients like dyes, preservatives, and unhealthy and unnecessary grains. Pet owners begin to prioritize organic, non-GMO, US sourced scientifically formulated food to keep the harmful fillers out and their pets happy, healthy, and well-fed.
By 2018, one in three pet owners gave their pets daily nutritional supplements. Proper dosage provided, Omega-3 and probiotics are just as beneficial to animals as they are to humans, but it’s glucosamine supplements that lead the way for the pet vitamin industry making up 80% of all supplements bought in 2017. By 2026, the market is expected to grow by 5%. Additionally, even cannabidiol, more commonly known as CBD oil, is making its way into the pet industry. Shown to be gentle yet effective in treatments for dogs with arthritis and joint pain, the market itself is expected to grow by almost 60% by 2022.
Good nutrition and exercise are not the only measures to take to prevent disasters. Around one in three pets require urgent vet care every year — forward-thinking pet owners guard both their wallets and their pet’s health with pet insurance options.
By 2022, the booming industry of pet health insurance is expected to reach $2 billion as more pet owners look for support when it comes to routine and surprise medical expenses. Common health problems still remain expensive and not everyone has the funds on hand to pay for a costly procedure; for certain breeds of dogs and cats, eye conditions, skin problems, and joint pain are very common but expensive.
There isn’t much we wouldn’t do for our pets; even when money is tight, the quality of life for our pets always comes first. Check out this infographic for more on the business of dogs, how it remains “recession-proof,” and what it means for the future of our economy and our pets health.