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
  952 Hits
952 Hits

Search Blogs Module

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