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
  966 Hits
966 Hits

Search Blogs Module

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