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
  1247 Hits
1247 Hits

Search Blogs Module

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