HOBOKEN, N.J.–Americans continue to spend big on their pets, laying out more than $70 billion in 2018, according to a new survey that also probed just how far into debt people would be willing to go on behalf of their beloved pets.
The survey further found pet insurance is becoming more important with pet owners even as many question its cost.
According to the new survey by LendEDU, spending on pets in the U.S. increased by $3 billion in 2018 over 2017, bringing the total amount spent to $72 billion last year. Pet insurance policies have been increasing in numbers as well, with 2.1 million pets being insured in 2017, which was up 17% from 2016, LendEDU said.
Type of Pet
In a poll of more than 1,000 American pet owners, LendEDU said it found:
- 72% of respondents answered “Dog”
- 22% of respondents answered “Cat”
- 1% of respondents answered “Bird”
- 1% of respondents answered “Guinea Pig / Hamster / Rabbit”
- 3% of respondents answered “Fish”
- 1% of respondents answered “Reptile (e.g. turtle, lizard, snake, etc.)
What’s Fido Costing You?
When asked how much they spend per month on their pets, including things like monthly healthcare costs, insurance cost, food, toys & accessories, etc., LendEDU said:
- “Reptile” owners answered an average of $56.88
- “Guinea Pig / Hamster / Rabbit” owners answered an average of $63.64
- “Fish” owners answered an average of $53.60
- “Cat” owners answered an average of $95.11
- “Bird” owners answered an average of $127.38
- “Dog” owners answered an average of $157.39
Why No Pet Insurance?
When those who have not purchased pet insurance were asked why they have not done so,
- 12% of respondents answered “My pet was/is too old when I became aware of the policies.”
- 3% of respondents answered “My pet has a preexisting condition and was denied coverage.”
- 40% of respondents answered “I thought the policies cost too much.”
- 39% of respondents answered “Did not think my pet needed/needs insurance.”
- 6% of respondents answered “Other”
Have You Gone Into Pet Debt?
Consumers were then asked, “Have you ever gone into, or are currently in, credit card or personal loan debt because of your pet due to health/veterinarian costs that could have come from an emergency surgery or recurring treatments?”
- 24% of respondents answered “Yes”
- 72% of respondents answered “No”
- 4% of respondents answered “I’d rather not say”
Of those who have gone into debt, the average was $1,566.96
Have Pet-Related Costs Delayed Life Decisions?
Respondents were also asked, “Have you ever had to delay any of the following milestones due to expense from your pet?” Those polled were permitted to answer more than once, and indicated:
- 11% of respondent answers were “Having children or more children”
- 8% of respondent answers were “Getting married”
- 8% of respondent answers were “Buying or renting a home or apartment”
- 10% of respondent answers were “Missed bill payments”
- 7% of respondent answers were “Made smaller payments to student loan or credit card debt than you would have liked”
- 6% of respondent answers were “Buying or leasing a car”
- 5% of respondent answers were “Getting an insurance policy (life, health, auto, etc.)”
- 2% of respondent answers were “Other”
- 43% of respondent answers were “None of the above”
How Much Do You Spend
Respondents were also asked, do you spend more annually on your pet’s healthcare expenses or own personal health care expenses?
- 24% of respondents answered “I spend more on my pet’s healthcare than my own.”
- 46% of respondents answered “I spend more on my personal health care expenses than my pet’s.”
- 22% of respondents answered “It is about the same.”
- 8% of respondents answered “Prefer not to say.”
The full survey can be found here.