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
  723 Hits
723 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
April 18 2017. 23 andme disaster areas parking spots Erin Nelsen opt-out insurance policies retirement plans portal Wells Fargo customers partner /owner Independence Day account numbers 401K CFP ® integral member home break-ins wells Fargo illiegal robocallers health care costs earthquake app Puerto Rico Social Security interest rates Legal robocalls DNA test kits cell phones Medicare Amazon Brexit vote Fox News story ID card trustee FSA Kiplinger Letter Notary Public 20 year anniversary VOIP landline phones clone counterfeits notary services October 1 2020. emergency folder estate planning client portal asset Planning clients show support 2017 TD Ameritrade National LINC Conference drive /usb cell phone carriers offer birth certificates insurance policy privacy settings D premiums information Healthcare Orange County Superior Court house sitter blog post banking non-prescripstion sunglasses privacy notices retirement 70 1/2. fun facts rescue organizations Flexible Spending Account Wells Fargo employees 4 pm -8pm Mobile Banking Security Tips tax season card reader credit cards spring cleaning credit card fraud Medicare Part B premiums jury duty pet supplies padlock Asset Planning Medicare Part B pet flash drive assets president Trump Supplemental Security Income home memorial Day weekend contribution limit emergency kit Part D premiums . debt pet industry paperwork clutter web address July 4 credit freeze 2017 IRA contributions Open Enrollment retirement accounts investment statements Social Security Administration fees information Facebook Retirement Contribution Limits policy spam phone increase phishing sites https :// driver license vacation consumer spending money car loans Two-Step Verification California Lions Friends April 11 Open House home security documents credit card company 900 number clients Medicare question identity thieves Treasury Department vision screening executive order pets phishing scams IRA accounts National Ice Cream month Roth IRA prescription eyeglasses company official certification home mortgages retirement planning ice cream event June 29 Auto insurance FEMA website Orange County relief efforts trust summer 2018 IRA contributions bottom line app Shred paperwork borrowing money “ skimmer ”. Affordable Care Act Part B Victor Dergunov Facebook profile April 15 CERTIFIED FINANCIAL PLANNER exam Financial Planning Magazine estate tax deadline identity theft IRS deadline gap insurance credit score https ://seekingalpha Kraig Mathias chip-enabled EMV cards phone companies