The average American household will spend $741 on their pets in 2022—up from about $583 in 2013 (adjusted for inflation).
Millennials may be known as the generation that adopts pets instead of having children, but recent data shows that their actual spending on fur babies has slightly surpassed that of older age groups. An eTailPet analysis of the 2022 Bureau of Labor Statistics Consumer Expenditure Survey found that spending increased among most age groups in 2022 after those of retirement age led pet spending by a large margin in 2021.
A BLS analysis shows that nationwide pet spending will reach $102.8 billion in 2021, up about 78% since 2013 and growing at about twice the rate of total spending. The COVID-19 pet frenzy has accelerated the current increase in pet spending, as well as increased costs for veterinary care and other pet services. Petco CEO Ron Coughlin told investors that today’s “pet parents” are humanizing their animals and spending more as a result, from specialty diets to stylish accessories .
National pet spending in 2022 fell slightly to about $99.3 billion as work-from-home policies during the pandemic eased back, and the resulting pet adoptions likely slowed. After a massive increase in 2021, spending on pet purchases, supplies, medications, and veterinary services declined in 2022. However, spending on pet food and services continued to increase.
Whether it’s a first pet, the youngest child of an empty nester, or an elderly person’s retirement companion, people of all ages spend hundreds each year on the cats, dogs, and animals they consider part of their families.
Keep reading to learn more about who spends more on their pets.
