How much money do we spend on our pets each year?

How much money do we spend on our pets each year?

If you want to own a pet, be prepared to have an annual budget of over $ 3,500 for its essential needs. A new study of 2,000 pet owners – 1,000 of whom own dogs and 1,000 cat owners – revealed that half of all respondents set a monthly budget for their pets (52%) with an average cap of $ 308. In fact, pet owners spend an average of $ 276.40 on their furry friends each month, which translates to $ 3,316.80 per year. While nearly all respondents exceeded their monthly budget (98%), four out of five admit that it “doesn’t matter” if they exceed their pet’s budget limit (79%), but what drives them to do so? The main reasons were pet care (37%), emergency veterinary visits (35%), improvement of their pet’s home situation, and annual or ongoing medical needs care (both 33%). Conducted by OnePoll on behalf of Lemonade, the research also found that 45% of all pet owners think dogs are more expensive than cats, 13% think otherwise, and 42% think they are both equally expensive. . Respondents think dogs are expensive because food (54%), vet checks (52%), medicines (50%), grooming (46%) and cleaning products (38%) are expensive. On the other hand, people think cats are more expensive due to expensive food (41%), veterinary checks (40%), bedding (38%), cleaning products (38%) and grooming (38%). And when they spend on their pets, owners go to great lengths, claiming to have bought them trendy items, such as all-natural pet food (38%), raw pet food (31%), a modified home like a catio (29%), pet-friendly baked goods and desserts (28%), and pet technology such as a smart collar (25%). But research suggests that more than half (55%) do not have an insurance policy for their furry friends, citing cost as the main challenge (41%). Of the 45% whose pets have insurance, they researched an average of three policies for their furry companions before selecting the best match. Two in five (41%) realized they had to purchase an insurance policy for their pets from the day they got them and the same percentage indicated an emergency visit / surgery as their main reason for having one made one. Regardless of whether their pets are insured, three out of four owners agree on the importance of planning end-of-life care for their dog or cat (75%). “There’s no doubt that bringing a pet to your home can add immense unconditional love, but it’s important to understand that they come at a cost,” said Dr. Stephanie Liff, veterinary health expert at Lemonade. “Whether it’s a routine vet visit, food, toys or emergency surgery, pets have financial needs that can increase. Being prepared and knowing your options, whatever the aspect for a single owner, is critical to have in place before a problem occurs that becomes a heavy financial burden. “Four out of 10 respondents went into debt due to the needs of emergency of their pets (42%). Procedures and care can become expensive for pets and, according to the results, many pet owners are quite unaware when it comes to how much they cost. For example, 41% of pet parents think something like pet dental work costs between $ 101 and $ 500. But in reality, a routine dental cleaning, on average, costs between $ 500 and $ 1,000, with more complicated dental procedures costing up to $ 3,000. A third of respondents think expensive cancer treatments and surgeries cost $ 501 to $ 1,000, when in fact, according to Lemonade, some surgeries Dog or cat surgeries can easily cost $ 5,000 or more, with a full course of cancer treatments setting pet parents back to $ 10,000. Meanwhile, many pet parents think flea treatments (36%) and vaccinations (34%) cost between $ 101 and $ 500, but flea treatments actually cost about $ 15 a month and vaccines they cost up to $ 50 per serving. “Insurance doesn’t have to be intimidating, but it’s important to do your research and find the best fit for your family,” added Dr. Liff. “Look for customizable plans to make sure you pay for what you really need, are easy to understand, and can provide you with the help you need when you need it.”

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