Over 40% of Gen Z owners agree to save for unexpected pet expenses

A survey of 2,000 American pet parents conducted by OnePoll on behalf of Synchrony concluded that 42% of Gen Z and 30% of Gen X owners would save money for unexpected pet expenses. 

The survey further revealed that 41% of pet parents born between 1997 and 2012 would spend $100 (€91) on their pet rather than their partner.

More than half of baby boomers (54%) were noted to be spending less than $150 (€137) per month on basic pet expenses, accounting for an annual spend of $3,200 (€2,927) on pet care.

Synchrony General Manager Jonathan Wainberg noted that the research revealed the total cost of care for a dog over a lifetime to range between $20,000 (€18,000) and $55,000 (€50,000). For cats, the amount ranges between $15,000 (€13,700) to $46,000 (€42,000).

Non-essential shopping

Wainberg added that for new Gen Z pet parents, many costs might be unaccounted for, including non-necessity items like clothing, toys, and pet tech.

Survey respondents admitted they purchased one non-essential item in the past year, including bed pillows for their dogs, spa trips, or a ball-throwing machine.

When posed with the hypothetical of giving up on an item or service to gain a year free of pet expenses, respondents mentioned eating out (45%), social media (42%), streaming services (36%), a bed (26%), dishwasher (26%), indoor plumbing (25%), and phones (23%).