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
  791 Hits
791 Hits

Search Blogs Module

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