American pet parents spent roughly $2,000 in 2022 on their animals
A survey by insurance comparison platform Insuranks revealed that half of the pet owners spent more on their animals than in previous years.
Americans pay nearly $1,310 per year on pet supplies, followed by hospital bills ($525).
The research concludes that pet parents in the US typically spend $110 a month on essentials. These include food (for 100% of respondents), followed by toys (87%), litter (57%), enrichment activities (49%), and vitamins/supplements (46%).
Other costs comprise collars, tags, and leashes (38%), apparel and accessories (23%), carriers and crates (14%), insurance (12%), and a caregiver, sitter, or walker (11%).
Half of the respondents said that the highest expenses are vet visits, followed by food, as nearly 4 out of 10 pet parents spent most on nutrition for their animals. A minority of US pet parents said that most of their budget goes to medication, supplements (2%), and grooming (2%).
With inflation on the rise, pet parents expect to spend more in 2023, with 49% saying they had already spent more than usual on their pets in 2022.
Pet Insurance
With vet costs and medication among the highest expenses, 17% of the pet parents say they have insured their pet, with 84% agreeing that insurance for their pet is worth it.
Nearly half (45%) of the respondents believe pet insurance has helped cover treatment or medication they couldn’t afford.
Of the surveyed, 40% who didn’t insure their pets wish they did, and 22% intend on getting pet insurance at some point.
The survey was carried out in October 2022 to 500 pet owners aged 18 to 75.