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
  1247 Hits
1247 Hits

Search Blogs Module

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