Consumer Spending on Pets is at Record Levels!
Why? Here are a few of the top reasons:
- Baby Boomers are owning more pets and treating them like members of the family. They show their appreciation to their pets by spending money on them.
- Increased spending overall on pet insurance. According to the APPMA, more than 2 million pet owners have pet insurance, and by 2011 5-7% of overall pet owners are expected to have it.
- Increased expenditures on high-end services such as doggie day cares, pet spas, and pet hotels and other luxury pet services that are now available.
- Dogs are now family members so pet dog training is more important. If a dog shares your home then they need to be house trained and have good house etiquette.
How to control pet spending,
- Don’t choose cheap options that will be more expensive in the long term. Cheap pet foods can cost more over the life of your pet if they are not kept in optimal health.
- Cheap over the counter medications for parasite control are often ineffective so you will end up not only with a parasite problem but a second invoice to buy the correct products.
- Budget for your pet – If you have a pet, add line items in your budget for your pets expenses. Include food, vet bills, grooming supplies, and medication. From a budget perspective, treat your pet like you would any other member of the family.
Have a pet emergency fund, unexpected pet medical expenses can really put a dent in your wallet. If you have a pet that could incur expensive medical bills, establish a pet emergency fund.
- Choose service providers carefully, not all companies quote the total cost and you may find yourself with a larger bill than you expect once they have added on lots of hidden but mandatory services
- Don’t be tempted to go with the cheapest service quote you get. Do you want a pet care company looking after your pet if they are not sufficiently trained, covered by insurance or socially responsible business owners.