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
  950 Hits
950 Hits

Search Blogs Module

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