Financial services provider Empower asked 1,000 pet owners in America about their spending patterns. GlobalPETS analyses the key highlights.
Attitudes and spending habits
Americans spent a rough average of $1,355 (€1,264) on their pets in 2023, with nearly 1 in 5 (19%) planning to spend more this year.
A third of respondents said they buy more items for their companion animals than themselves.
Most owners spend this money on their pets because they view them as family members (94%), enjoy shopping for them (88%) and want to spoil them (71%). Around a third (32%) say they make purchases as they feel guilty for not spending enough time with their pets.
Over 4 out of 10 (42%) respondents to the Empower survey admitted that the more money they make, the more they spend on their pets.
Unexpected spending
In the case of unexpected medical expenses, over three-quarters of respondents (77%) said they would dip into their savings or emergency funds, while over two-fifths (44%) were willing to take on debt through loans or credit cards.
An additional 41% admitted they would work extra hours or overtime, while a smaller group of owners said they would cancel traveling (31%), borrow money (30%) or cancel subscriptions and memberships (22%).
Motivator for healthy finances
36% of owners cited pets as the key motivator to reach their financial goals. Around two-fifths, or 39%, attributed their furry friends to inspiring them to be more financially responsible.
31% said that pet ownership motivates financial goal setting, while 35% noted it encourages them to work harder or seek higher-paying jobs.
More than half of Americans (57%) consider their pets in their long-term financial planning. 13% of all pet owners and 1 in 5 Gen Z pet owners have a dedicated savings account for their pets.
Work and life balance
Many owners display various attitudes to providing better for their pets. For example, over a quarter (28%) of respondents were willing to take a pay cut for a job with flexible hours to spend more time with their pets. Gen Z (31%) were the most willing.
Similarly, 30% of all respondents, or 34% of Millennials, were willing to turn down a higher-paying job to spend more time with their animal companions.
Almost three-fifths of Americans (57%) were willing to switch jobs for the same pay but more pet-friendly benefits, while 41% were “more likely” to return to the office if they could bring their pets to work.
As many as 26% aspire for jobs with ‘pawternity’ leave, though only 17% would consider a lower-paying job with these benefits.
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