Asset Planning, Inc Blog

The latest from the team.

Pets: They Truly Are Part of the Family

 

Let’s admit it; our pets are part of the family. Nearly 60% of households own a pet and unlike past generations the emphasis on pets and how we treat them has drastically changed. No more leaving Fido to sleep in the backyard with a bowl of dry kibble. Instead we have begun to humanize our pets and treat them as if they were our children. The average American admits to letting them sleep in their bed, preparing fresh meals for them, buying them birthday presents, etc. There really is no better time to be a domestic pet then now and as a result, Americans are willing to spend more money on their pets and the pet industry is booming. Here are some fun facts about how the love we have for our animals is affecting consumer spending and our economy.

  • US Census Bureau data reveals that since 1998 the number of pet related stores has jumped by 38%. The broad US economy has only added 8% more storefronts over the same time period.
  • Industry research suggests that of the $6.3 billion Americans spent on pet services (excluding veterinary work), 38% of it was on boarding and pet sitting.
  • Organic pet food grew from 11% of total US pet food sales in 2011 to 17% in 2014. If 17% does not sound impressive, consider that only 7% of domestic baby food sales are organic.
  • Bureau of Labor Statistics data shows that consumers spend more annually on their pets ($1,151) than they do on car insurance ($1,112).
  • In 2011, average household spending on pet food alone was $183. This was more than the amount spent on bread ($107), chicken ($124), and cereal ($175).
  • US pet related employment has jumped nearly 3x from 195,000 in 1990 to 553,000 in 2015.
  • Over the next ten years the Bureau of Labor Statistics forecasts have animal care and service employment up 11% and Veterinarian employment up 9%,

So keep on spoiling your furry companion! It’s not only good for him but also the economy!

*Facts and excerpts taken from “Human, Economy and Pet: How Pets Are Changing Humans and the Economy,” Payden & Rygel, Point of View, Spring 2016.

Continue reading
  1372 Hits
1372 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
tax deadline Part D premiums . scams client portal National Ice Cream month Open House credit card company holidays approach pets pet phone prescription eyeglasses web address house sitter jury duty tax records vacation markets tax deadlines Erin Nelsen money DNA test kits phone companies cell phone service provider disaster areas official certification trust tax returns birth certificates Victor Dergunov ID card card reader operations manager Orange County family members credit cards pet industry IRS deadline September 9 emergency folder information Facebook flash drive opt-out https :// drive /usb identity thieves self-help topics 900 number pet supplies account numbers consumer spending September 8 fun atmosphere stock pile contribution limit July 6 donation items Flexible Spending Account health care costs checklists gap insurance integral member VOIP landline phones student loans Affordable Care Act illiegal robocallers donation counts CA FTB market turmoil Coronavirus Aid privacy settings cell phones debt Medicare Advantage Social Security paperwork clutter home mortgages life saver July weekend Kiplinger Letter company phishing sites Part B spread tax season California Lions Friends interest rates Puerto Rico assets team members notary services non-prescripstion sunglasses Notary Public Auto insurance 401K FSA increase estate Shred paperwork president Trump phishing scams home security retirement plans Orange County Superior Court “ skimmer ”. Mobile Banking Security Tips Charles Schwab retirement accounts cell phone carriers health care services toilet paper February 14 June 29 cell phone carriers offer summer Labor Day Social Security Administration tax filing deadlines estate planning insurance policies earnings fallout payments CARES Act identity theft cell phone provider Legal robocalls emergency kits Open Enrollment fees 2017 IRA contributions spam phone Healthcare information memorial Day weekend January 10 Federal Trade Commission website clients policy people medications portal D premiums business hours rescue organizations padlock earthquake app emergency kit 2018 IRA contributions 70 1/2. September 30 2020. records credit card fraud CERTIFIED FINANCIAL PLANNER exam wells Fargo IRA accounts executive order water … credit monitoring service home emergency preparedness kits Medicare Part B Treasury Department 20 year anniversary Fox News story 4 pm -8pm Facebook profile pet donation drive partner /owner EEChecklist-Kits.pdf stockpilingchecklist.pdf news coverage Economic Security driver license email notifications Amazon hurricane Dorian Medicare question settlement options Joey Gonzales Brexit vote offering insurance home break-ins October 1 2020. 2017 Equifax breach parking spots home Ice Cream Social ice cream FEMA website Independence Day CFP ® Medicare ice cream event items app asset Planning cell phone SIM swap scam https ://seekingalpha interest 2017 TD Ameritrade National LINC Conference retirement planning Supplemental Security Income bottom line Medicare Part B premiums April 15 documents clone counterfeits IRS years car loans investment statements credit score TD Ameritrade home emergency kit check lists privacy notices Roth IRA breach clients show support estate planning direction relief efforts trustee COVID -19 virus Asset Planning Kraig Mathias Expired medications July 4 July 3 rd chip-enabled EMV cards stimulus package spring cleaning blog post April 11 paper records retirement Two-Step Verification credit freeze banking borrowing money coronavirus media accounts Retirement Contribution Limits Wells Fargo employees Medicare plan Financial Planning Magazine text messages vision screening insurance policy fun facts April 18 2017. Wells Fargo customers 23 andme