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
  1372 Hits
1372 Hits

Search Blogs Module

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