We know pet owners will do just about anything for their pet, and apparently that includes spending a lot of money and going into debt.
A new LendingTree survey finds:
- Pet owners will spend an average of $1,163 per year on food, treats, props for social media content and other expenses.
- That number goes up to $1,885 for folks in Gen Z.
- Overall, 98% of pet owners say they spend about $86 a month on their pet.
- Top expenses include:
- Food (91%)
- Treats (73%)
- Toys (42%)
- Supplies (39%)
- Medication (26%)
- Grooming (26%)
- 28% of all pet owners admit they spend money on things like special outfits specifically for their dog’s social media posts.
- That increases to 40% for Millennials and Gen Z.
- 84% of pet owners say they treat their pet as if they were their child.
- Which means for many, their pet’s health is incredibly important.
- In fact, 45% of pet owners say they would take on debt to cover $1,000 in emergency pet expenses.
- 8% are currently in debt because of their pet.
- Among those currently in debt:
- 25% owe between $300 and $499.
- 11% owe more than $2,000