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
  1628 Hits

Search Blogs Module

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