Rover has released its fourth iteration of the True Cost of Pet Parenthood report for dogs and cats. The report aims to inform new and existing pet parents about the financial impact of pet parenthood. It includes backed by data and from real dog and cat parents. Hopefully, this data can help enable pet owners to plan accordingly whether welcoming home a new dog or cat or caring for pets already at home.
This year’s report reveals that pet parents have noticed the increasing costs of pet-related goods and services over the last twelve months. According to the data, the total annual cost of pet essentials ranges between $610 to $3,555 for dogs and $325 to $1,600 for cats. This includes things like food, supplies, medical expenses, and other ongoing costs associated with pet parenthood.
When it comes to budgeting for pet parenthood, nearly three-quarters (72%) of pet parents expected to spend up to $1,000 on upfront costs of bringing home a new pet (e.g. vaccinations, adoption fees, and essential supplies). Nearly a third (29%), however, reported the actual total cost was higher than expected.
“We know that pet parents are spending more on their pets, with many costs rising due to inflation–particularly for items like pet food, veterinary care, treats and toys,” said Kate Jaffe, Trend Expert at Rover. “When it comes to prioritizing spending, however, pet parents have told us their dogs and cats are still a top priority, and they’re opting to give up their own creature comforts to ensure their pets enjoy the same quality of life.”
The true cost of pets
The True Cost of Pet Parenthood report includes unique data from 1,500 pet parents across the U.S. who have experienced the realities of pet parenthood. Key findings from the report include:
- Pet parenthood is priceless: 37% of pet parents agree there is no amount of money they would accept if it meant they could never have a pet again, another one in four (25%) say it would take $1 million or more for them to give up pets forever.
- The ultimate return on investment: 82% of pet parents say their pet brings them the most happiness out of everything they spend money on.
- Would you rather? 42% of pet parents would rather go without their morning latte, forever, than give up their pet.
- Food for thought: A majority of pet parents (81%) report being most impacted by rising prices of pet food, and 41% have cut back on their grocery bill to provide for their dogs.
- Social media influences pet purchases: Facebook (58%) is the most influential platform when it comes to spontaneous pet purchases –TikTok (52%) trails closely behind, followed by Instagram (43%), Pinterest (23%), and Be Real (8%). When broken out by generation, Facebook remains the most influential for Baby Boomers (65%), Gen X (59%), and Millennials (63%), while TikTok (77%) is the leading platform for driving pet purchases from Gen Z pet parents.
- Dogs and cats are our bosses: Nearly half (44%) of pet parents would consider a lower paying job if it were pet friendly.
- Pets like to vacation too: The majority (61%) of pet parents choose pet-friendly vacations in order to cut down on pet care costs.
