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
  1662 Hits

Search Blogs Module

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