US pet parents spend $180 less on their pets due to inflation
A new survey finds that nearly 9 out of 10 pet owners, primarily millennials, experienced increased pricing on key-related expenses in 2022.
A survey carried out by online marketplace LendingTree unveiled that 26% of pet owners have difficulties affording four-legged family members.
The average spent on pets in 2021 amounted to $1,163, while 2022 saw a decline to $984 for the year.
Overall, 87% of pet owners say they’ve experienced a pricing increase in food (74%) and veterinary services (33%).
According to the survey of 1,017 pet parents, 75% say inflation is making pet ownership more expensive, while 26% are struggling to afford the rising costs.
Financial sacrifices
The percentage of millennial pet parents who admit to struggling to pay for pet expenses has risen by 32%.
Up to 44% of pet parents report making financial sacrifices to afford their pet. Of those, 18% spent less on themselves, and 12% traveled less not to have to pay a pet sitter.
In addition, 23% of respondents have gone into debt as a direct result of pet-related expenses.
The survey, conducted online between 12 August 2022 and 18 August 2022, also concluded that 80% of respondents do not have pet insurance. According to the results, just 8% of baby boomers insure their pets, while Gen Z owners are most likely to have pet insurance (40%).
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