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
  764 Hits
764 Hits

Search Blogs Module

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