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
  1706 Hits

Search Blogs Module

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