Pet Parents Spending Billions on Their Dogs and Cats
Did you know US dog and cat parents spent more than $52 billion on their pets last year? That’s not all on adorable sweaters and toys.
Among the 2012 estimates from the American Pet Products Association, food was by far the largest expense for pet parents. The association expected US pet owners to spend nearly $20.1 billion on food alone—up more than 26% from five years ago.
The second largest expense for pet parents is veterinary care. Pet owners were expected to spend nearly $13.6 billion on veterinary care in 2012, an increase of almost 35% from five years ago.
Much of that increase in veterinary care spending comes from the rapid pace of advancement in treatment options available in veterinary medicine. MRI, chemotherapy and CT scans are becoming more prevalent to treat companion animals.
These new treatment options mean our pets now have a much greater chance at recovery when they have a significant illness or injury. The American Pet Products Association numbers also show the increased options often come with a higher cost.
The association points out that spending on pet insurance is also increasing right along with veterinary care expenditures. In fact, they expected US pet owners to spend $500 million on pet insurance last year, up from $450 million in 2011.
Pet insurance plans, like ASPCA Pet Health Insurance, typically cover visits to any licensed veterinarian, including specialists. That could give you more help to take advantage of increased specialized care.
Certainly no one wants to think about their pet getting hurt or sick, but it really pays to be proactive and plan financially for the possibility. The great advancements in veterinary care can mean a long and healthy life for your pet, and pet insurance might be a good way to help you provide this care for your dog or cat.