Pet Spending Trends: A Closer Look
The MarketWatch Guides team analyzed pet spending data from the Bureau of Labor Statistics (BLS) to understand who is spending the most on pets and identify recent trends. The data reveals that over 82 million households in the U.S. own a pet, with Americans spending an average of $876 per year on their pets in 2023.
Key Findings
- Pet-related spending has increased by 90% since 2013 when the average annual amount was $460.
- Millennials make up the largest share of U.S. pet owners at 32%, followed by Gen X at 27%, Baby Boomers at 24%, and Gen Z at 16%.
- Gen X spends more on pets annually ($943) than any other generation.
- Women spend significantly more on pets compared to men, with single women spending $743 annually versus $388 for single men.
- The Midwest region has the highest average annual pet spending at $1,160.
Pet Spending by Generation
The average consumer spent $876 on pets in 2023, but this varies by generation. Gen X leads with $943, followed by Baby Boomers at $935, Millennials at $886, and Gen Z at $712. While Gen X spends the most, Gen Z spends the most relative to their income at 1.13%.
Pet Spending by Gender
Single women spend an average of $743 per year on their pets (1.66% of their income), while single men spend $388 (0.84% of their income). According to certified dog trainer Aleksander Mishkov, this disparity may be due to women viewing pets as their children, while men view them as companions.
Pet Spending by Region
In 2023, the Midwest spent the most on pets at $1,160, while the South spent the least at $705. The Midwest also spends the most relative to income at 1.25%.
The Rise in Pet Spending
Pet spending has been increasing, with Americans spending $147.0 billion on pets in 2023, up from $136.8 billion in 2022. The estimated expenditure for 2024 is $150.6 billion. Experts attribute this increase to a cultural shift in how pets are viewed – as family members rather than just pets.
As Daniel Caughill, founder of The Dog Tale, notes, “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.” This shift has led to increased spending on pet care, including balanced diets, regular veterinary check-ups, and specialized training.
The trend shows no signs of slowing down, with pet owners continuing to invest in their pets’ well-being.
