This Is How Much Consumers Are Spending on Their Pets Each Month
NikolayFrolochkin from Pixabay
No matter the type of pet, people are willing to spend quite a bit on their non-human friends, according to a survey by LendEDU, an online financial website based in Hoboken, N.J. Company officials said they launched the survey to find out if people would go into debt for their pets, or spend more money on their pets than themselves.
On average, people spend $139.73 per month on their pet, according to the survey. Fifty-five percent of that money is going to food costs; 24 percent to veterinary, health care and pet insurance; 13 percent to toys and accessories; and 8 percent was listed as other.
Average monthly spending per pet type: dog at $153.08, bird at $127.38, cat at $95.11, hamster at $63.64, reptile at $56.88 and fish at $30.48.
The survey found that 24 percent of respondents have gone into credit card or personal loan debt as a result of health/veterinarian costs for their pet at an average of $1,566.96. Forty-five percent of people spend the same or more annually on their pet’s health care expenses versus their own health care expenses, according to the survey.
Of those who have pet insurance (39 percent), about $76.76 is spent on average per month for the service. Seventy-seven percent of respondents said that pet insurance has come in handy for emergency expenses.
Reasons why people didn’t buy pet insurance: pet was/is too old when owner became aware of the policies (12 percent), there was a preexisting condition and pet was denied coverage (3 percent), owner thought policies cost too much (40 percent), owner did not think pet needed/needs pet insurance (39 percent) and other (6 percent).
People often put off expenses or milestones because of pets, according to the survey. For instance, respondents put off the following: having children or more children (11 percent), getting married (8 percent), buying or renting a home or apartment (8 percent), missed bill payments (10 percent), made smaller payments to student loan or credit card debt (7 percent), buying or leasing a car (6 percent), getting an insurance policy like life, health and/or auto (5 percent) and other (2 percent).
Of course, to rack up such expenses, people have to own a pet to begin with. The survey found that the average purchase price of a pet was $282.75. Broken down: dog at $327.13; cat at $89.89; bird at $127.38; hamster, guinea pig and rabbit at $127.38; reptile at $78.12; and fish at $57.38.
The results were derived from an online survey of 1,000 adult Americans that currently own a single pet. Type of pets owned included dog (72 percent), cat (22 percent), bird (1 percent), guinea pig/hamster/rabbit (1 percent), fish (3 percent) and reptile (1 percent).