The increasing cost of pet ownership has been a recurrent theme in the pet industry for several years. Inflation and persistently high consumer prices may be hindering the growth of pet ownership in the United States. LendingTree, an online marketplace that connects borrowers with lenders, conducted a survey of nearly 2,000 U.S. consumers. Respondents stated that inflation was impacting pet ownership, with 85% of pet owners reporting that rising costs are making it harder to care for their pets.
1. Inflation is Driving Pet Owners to Reconsider Pet Ownership
Inflation is making pet care increasingly expensive. Nearly a quarter (23%) of surveyed pet owners have considered giving up their pets due to financial strain, while 39% say they won’t own a pet again in the future. Gen Z pet owners (ages 18-27) are feeling the pinch the most, with 46% considering going petless. Additionally, 12% of all Americans—and 25% of Gen Zers—have surrendered pets because they couldn’t afford to care for them.
2. Pet Care Costs are Rising Across the Board
Among pet owners, 85% blame inflation for making it difficult to afford their pets. When asked which costs are increasing, 76% cited pet food, 56% pointed to veterinary services, and 40% mentioned necessary supplies. Inflation's impact is especially acute for those earning under US$30,000, with 50% of this group saying they are struggling to manage pet care costs.
3. Debt is Becoming a Common Part of Pet Ownership
With pet care becoming increasingly unaffordable, 37% of pet owners have gone into debt for their pets, with 68% attributing this debt to unexpected medical expenses. Despite this, only 27% of pet owners carry pet insurance, which leaves many vulnerable to high vet bills. Among those with debt, 28% owe between $500 and $749, while 13% owe US$2,000 or more.
4. Financial Sacrifices are Common for Pet Owners
Owning a pet comes with significant financial trade-offs. Among those surveyed, 64% of pet owners reported making sacrifices, such as cutting back on personal spending (29%), skipping vacations (19%), or taking on additional debt (19%) for other expenses.
5. Non-Pet Owners Cite Affordability as a Major Barrier
For the 31% of Americans who don’t own pets, affordability is a major factor, with 25% saying they simply can’t afford the costs. They also see the financial sacrifices pet owners make, with 76% of Gen Z owners admitting to cutting back on spending for their pets.
The survey, conducted from July 1 to 8, 2024, highlighted the growing financial challenges pet owners face as inflation continues to drive up the cost of pet care in the U.S.
