Rover.com is an online pet care marketplace. The real cost of pet parenting report For dogs and cats.
Backed by data and insights from real pet parents, this report educates and informs current and prospective pet parents about the financial responsibilities and potential costs associated with caring for a family cat or dog. The aim is to provide the following, Rover said.
Kate Jaffe, trends expert at Rover, said: “The shock of owning a new pet in 2024 is compounded by stubborn inflationary cost pressures, but perhaps paradoxically, people and dogs and cats do not agree to own a new pet in 2024. The bond between us has never been stronger.” “Dogs and cats account for a large proportion of disposable income, primarily because pet parents view dogs and cats as irreplaceable and beloved members of their nuclear families. , discretionary power is being seen as less and more necessary, which is a very encouraging trend and recognition for the pet industry as a whole.”
Annual costs for dog supplies range from $1,000 to $5,225 per year, with a median monthly cost of $260, an average increase of $100 from 2023, according to the report. This increase can be attributed to the price of pet food. A recent report from PetBusinessProfessor.com found that pet food prices have fallen for three consecutive months. Although pet food prices are down, they are only 1.3% lower than their peak in May 2023 and 24.5% higher than in 2019.
A majority of pet parents (61%) report that pet-related expenses have continued to increase over the past 12 months, but this is down from 84% when asked the same question in March 2023. ing.
Key findings from the report
The True Cost of Pet Parenting Report includes data from 1,000 pet parents across the United States
Cost inflation pressures continue as pet inflation outpaces other categories
- Pet inflation is higher than other categories: 58% of pet parents say the price of pet-specific goods and services has increased more than the price of other frequently purchased items, such as food and personal items states that it is.
- Cost pressures from inflation: Dog parents report being most financially impacted by increased costs for pet food (63%), treats and toys (48%), and vet visits (47%) . Other inflationary cost pressures include pet supplements and medicines (36%), grooming (36%), and accessories such as bandanas and collars (31%).
- Financial worries: Pet parents report that they are most worried about paying for veterinarian visits. When it comes to financial stressors, pet food ranks second for her, followed by supplements and medications, treats and toys, and grooming and accessories.
- Budget conscious: 63% of pet parents say they've become more conscious of their spending since inflation started rising in recent years, and 37% say they're more conscious of their spending despite acknowledging rising prices. He says his habits haven't changed.
Spending on pets is now considered a necessary part of the household budget
- It reduces costs, but that doesn't apply to pets. Thirty percent of pet parents have cut spending in other areas of their lives to ensure they can buy the goods and services their pets need.
- Insurance is well worth it. 45% of dog parents have pet insurance, and 93% of them agree it's worth the extra cost. When it comes to cats, 36% have pet insurance, with 92% agreeing it's worth it.
- Financial support: One in ten (10%) dog parents seek help from a pet shelter or other organization to support their pet.
- Pets are a bargain. 8% of dog parents either delayed having children or decided not to have one at all and got a pet instead because the total cost was lower.
Despite added costs, pets are at a premium as there is a demand for drugs that extend their lifespans
- A real lifesaver: Two-thirds (66%) of pet parents would consider life-sustaining medication for their pet, despite the potential additional cost.
- Time is precious. 29% of pet parents are willing to pay more for their pet to live another year.
- Pet-related costs vary by location, with some cities being more affordable for pet parents and others more expensive.
For a complete report on the true cost of raising a pet in 2024, including a complete list of the most and least expensive cities, go here for dogs and here for cats.
