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.
Oh yes, I can relate. The vet bills to keep my old Dalmatian healthy and happy were huge and I had to forego purchasing a much-needed newer vehicle. I did have insurance, and it was beneficial for a time, but, please be aware that the more claims you make and the older your dog gets, the less helpful it is, because they raise your deductible AND increase your co-payment percentage. I would spare no expense however, to look after my four-legged babies. It’s heartbreaking to me, when people let their pets go, because of the expense. As you said, they MUST be proactive with financial planning. Great post! Thank you.
The article was interesting to me because I co-own a small Fox terrier who has lost her sight in one eye due to lens luxation. The other requires surgery to prevent complete blindness. In a perfect world all of us pet owners should have insurance but most of our population has no health insurance themselves due to financial hardships and the lack of funds. What does an animal owner do, like myself, who can not afford the vet costs to enable a dog to see for the rest of its life. The choice is to euthanize a good dog, turn it over to an agency who will obviously not keep it living or try to administer meds for the next 10 years. I have started to try to get donations but that will take longer that necessary for the surgery. I guess the answer is to not rescue just in case a situation like this occurs. It breaks my heart to not be able to do the right thing. I donate my time for free but veterinarians do not seem to do that. Any suggestions would be appreciated. My email is mgillings@hotmail.com. Thank you for listening.