Pet Spending Trends: How Much Are Americans Investing in Their Furry Friends?
Americans are opening their wallets wider than ever for their beloved pets. Pet-related spending has seen a remarkable surge in recent years, reflecting a deeper cultural shift in how we view our animal companions. This article delves into the latest trends in pet spending, analyzing data from the Bureau of Labor Statistics (BLS) to uncover who’s spending the most and why.
Key Findings
- Over 82 million U.S. households own a pet.
- In 2023, the average American spent $876 annually on their pets, a 90% increase since 2013.
- Millennials represent the largest share of pet owners (32%), followed by Gen X (27%), Baby Boomers (24%), and Gen Z (16%), according to the American Pet Products Association (APPA).
- While Gen X spends the most on pets annually, Millennials spend the least amount relative to their income.
- Women spend significantly more on pets than men.
- Pet owners in the Midwest spend the most on their pets, averaging $1,160 annually in 2023.
Who Is Spending the Most?
Analyzing BLS data allows us to break down pet spending trends by various demographics.
Pet Spending by Generation
While the average consumer spent $876 on pets in 2023, spending varied by generation. Millennials spent an average of $886 per year, while Gen X spent $943 and Boomers $935. Gen Z, the youngest generation, spent $712.
Although Gen X spends the most in dollars, they spend the least relative to income, at only 0.69%. Gen Z spends the most relative to income, putting 1.13% of their average income on pets.
- Gen Z refers to anyone born in 1997 or later; Millennials, between 1981 and 1996; Gen X, between 1965 and 1980; Baby Boomers, between 1946 and 1964.
Pet Spending by Gender
BLS data reveals that single women spend an average of $743 per year on their pets (1.66% of their income), compared to $388 (0.84% of income) for single men. Aleksander Mishkov, a certified dog trainer and blogger at The Daily Tail, suggests that this disparity could be attributed to the prevalence of pet influencers on social media sites like Instagram, where women dominate. Another factor could be different perceptions of pets. “Single women tend to view their pet as their kid, while single men view their pet as a companion,” Mishkkov said.
Pet Spending by Region
In 2023, pet owners residing in the Midwest spent the most on their pets, averaging $1,160. The South spent the least, at $705. The Midwest also allocated the highest percentage of income to pet spending (1.25%). Other regions ranged from 0.72% (West) to 0.80% (Northeast) of income spent on pets.
Pet Spending Over Time
Pet spending is consistently on the rise. In 2023, Americans spent $147.0 billion on pets, up from $136.8 billion in 2022, according to the APPA. The projected expenditure for 2024 is even higher, at $150.6 billion. Americans spent an average of $876 per year in 2023, up from $741 in 2022.
Since 2013, pet spending has increased by 90%, from $460. The percentage of income spent on pets peaked in 2017, at 0.96%. By 2023, this number had dropped to 0.86%.
Daniel Caughill, founder of The Dog Tale, attributes the increase to a cultural shift: “Culturally, the dogs are out of the dog house. Once regarded as merely a pet, dogs and cats are now recognized as a member of the family, with their own beds, insurance policies and ugly Christmas sweaters.” Arthur Salisbury, founder of Pitbulls Home, adds that greater understanding of pet needs has led to increased spending: “We now understand that a balanced diet, regular veterinary check-ups, stimulating toys and even specialized training are vital to ensuring [pets’] happiness.”
Methodology
Data for this report comes from the Bureau of Labor Statistics Consumer Expenditure Survey. When considering pet spending by generation and region, we used the 2023 Consumer Expenditure Survey. For analyzing differences by gender, we used the 2022 to 2023 Consumer Expenditure Survey two year means. We analyzed the “pet” category, a subcategory of “pets, toys, hobbies, and playground equipment.”
