THEY'RE OUR BEST FRIENDS, part of the family and a source of endless comfort, joy and laughter, but pets are also becoming increasingly pricey companions for Americans.
A majority of 72 percent of pet owners responding to an exclusive Redfield & Wilton Strate gies survey conducted on behalf of Newsweek said that the cost of looking after their animals has increased in the past year.
The survey was conducted among a sample population of 1,500 eligible voters in the U.S. between March 23 and 24, 2024. A majority of 65 percent of all respondents said they owned a pet at the time of the survey a number that reflects the nationwide data reported by the American Pet Products Association, which writes that 66 percent of U.S. households (86.9 million homes) own one.
Most of these households (65.1 million) have a dog, followed by homes with a cat (46.5 million). In 2022, the latest data made available by APPA, pet owners spent a total of $136.8 billion on their furry companions, up from $123.6 billion a year before. And rising costs are a source of concern for many owners.
Some 43 percent of respondents to the poll said they were very (21 percent) or fairly (22 percent) concerned about their ability to financially support their pet, while an additional 22 percent were slightly concerned.
On average, dog owners spend more (about $1,400 a year) than cat owners ($1,200), as per an APPA report, considering all possible expenses: vaccinations, bed, food, leashes, harbed, food, leashes, harnesses, collars, grooming supplies, training, boarding and passport.
Why Pets Have Become More Expensive
The main reason the cost of owning a pet has climbed in recent years is linked to higher veterinary bills.
"Like for other health care sectors, the cost of delivering veterinary medical services continues to rise," Dr. Rena Carlson, president of the American Veterinary Medical Association, told Newsweek.
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