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
  1575 Hits

Search Blogs Module

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