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
  945 Hits
945 Hits

Search Blogs Module

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