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
  1662 Hits

Search Blogs Module

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