Nearly 30% of Pet Owners Can't Afford Their Pets Amid Inflation
As prices soar amid inflation, LendingTree found that pet owners are seeing increased pricing on key pet-related expenses
CHARLOTTE, N.C., Sept. 15, 2022 /PRNewswire/ -- LendingTree®, the nation's leading online financial services marketplace, released its survey finding that more than 75% of pet owners say inflation is making pet ownership more expensive, and 26% are struggling to afford the four-legged members of their family. 87% of pet owners say they've experienced increased pricing on key pet-related expenses, especially pet food (74%) and veterinary services (33%). This increase in cost has forced pet owners to make financial sacrifices for their pets, with nearly 1 in 4 (23%) having taken on debt for their furry friends and some even limiting their retirement savings contributions (10%).
Key findings
- More than 75% of pet owners say inflation is making pet ownership more expensive, and 26% are struggling to afford the rising costs. By generation, millennials (32%) are most likely to say they're having trouble paying for pet expenses amid inflation.
- Overall, 87% of pet owners say they've experienced increased pricing on key expenses, especially pet food (74%) and veterinary services (33%).
- Inflation is causing consumers to tighten their pet care budgets. While pet owners reported spending an average of $1,163 annually on their pets in a 2021 LendingTree survey, in 2022, owners say they're spending just $984 per year — a nearly $180 difference.
- 44% of pet owners are making financial sacrifices for their pets. Nearly 1 in 4 (23%) have taken on debt for their furry friends. Pet owners are also spending less on themselves (18%), and some are even limiting their retirement savings contributions (10%).
- 30% of owners who've been in pet-related debt have owed $1,000 or more. Of the 6% who currently have pet-related debt, nearly 24% currently owe $1,000 or more, though the majority of indebted owners (25%) owe between $300 to $499.
LendingTree's Chief Credit Analyst, Matt Schulz, had this to add:
"Our pets are family, and we often have to make sacrifices for those we love. With pet ownership getting more expensive by the day, many Americans find themselves having to do just that. The best place to start is by carving out space in your budget for pet expenses and even a pet emergency fund, if possible. That way, the next big unexpected expense for your furry friend won't automatically send you into debt."
To view the full report, visit
https://www.lendingtree.com/debt-consolidation/pet-ownership-inflation-survey/
Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,017 U.S. pet owners, ages 18 to 76, from Aug. 12-18, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
We defined generations as the following ages in 2022:
- Generation Z: 18 to 25
- Millennial: 26 to 41
- Generation X: 42 to 56
- Baby boomer: 57 to 76
About LendingTree
LendingTree is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to make smarter financial decisions through choice, education and support. Consumers can compare multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the logged-in experience, consumers receive free credit scores, credit monitoring, recommendations to improve credit health, and notifications when the proprietary algorithm identifies a savings opportunity. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Nelson Garcia
[email protected]
704-943-8208
SOURCE LendingTree.com
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