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
  1503 Hits

Search Blogs Module

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