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
  1456 Hits

Search Blogs Module

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