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
  1626 Hits

Search Blogs Module

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