Just saw this come across the news wire, granted the data comes from one of our least favorite veterinarian clinics, nationwide, but still, data is data and if you have a pet, you want to pay attention and learn more about why dog costs are rising. Annual pet care costs increased by almost 10 percent between 2012 and 2014. Approximately 40 percent of costs being preventive and annual medical expenses, according to The Buddy Index (see below).
Dog costs are rising
When it comes to their pets, Americans love, care … and spend. The Buddy Index info graphic reveals that:
- Between 2012 and 2014, pet care spending increased by almost 10 percent (8 percent)
- Americans are spending $1,133 per year on their pets
- Between 2012 and 2014, pet expenses were more than 2.5 times the cumulative U.S. inflation rate
- Preventive and annual medical costs represents almost 40 percent of annual pet costs
- Of medical costs, heartworm tests showed the biggest jump in costs—28 percent between 2013 and 2014
- 51.6 percent of all U.S. households own a dog or cat; 57 percent of Millennial households own a dog or cat.
Someone is tracking your dog’s expenses
The Buddy Index© tracks dog’s (average active 40 lb. dog) expenses each year. This is a way for Carter Financial Management (CFM) to share love and passion for pets. They are more than just a pet; they are our companion and members of our families. You will be shocked to hear this: 62 percent of employees at CFM are dog owners and 29 percent are cat lovers. “Buddy” is an Australian border collie owned by CFM president, Bill Carter. So when you are President, you can call the report after your own loved one! Nice to see their analysis on why dog costs are rising. Check out the info-graphic below.
Something else that stuck out for me from the report. Millennials. They seem to be the buzz word of the day. Fewer are willing to move into a house, until they have a need, i.e., get married, need more space for kids, etc. They saw what the excesses of the great recession. This group is more budget conscious with their money. But they are more likely to have a pet. According to the report, 57% of Millennials in the survey had a pet, as compared to the rest of the generations with 51.6%. The old saying that if you and I walk down the street as strangers, we are less likely to say hello. But if you and I walk down the street with a dog, the instant bond to a dog means we are more likely to speak. Don’t you agree?