(Source: Magnify Money)
The American pet spending boom is cutting into 'essential expenses'
We love our pets. Perhaps a little too much.
According to a new survey by MagnifyMoney, which analyzed data from the Bureau of Labor Statistics Survey of Consumer Finances from 2013 to 2018, Americans spending on their pets “is increasing at a higher rate than money spent on essential expenses like food and medicine.”
Overall, Americans spent $87 billion on their pets last year, the survey found. The average amount was $662 per household.
But when comparing spending over the last five years, the report found that spending on pets had seen the highest rate of change when compared to other common expenses.
According to one report, the pet care industry is expected to grow to $281 billion by 2023.
While companies like Chewy are taking advantage of the boom, pet owners reveal that the emotional bond between them and their furry companions is hurting them financially.
Yahoo Finance spoke with pet owners who confessed that they had even gone into debt over their pets.
(Photo: Micky Ndreca)
Link: https://money.yahoo.com/american-pet-spending-boom-213506179.html?soc_src=social-sh&;soc_trk=tw
No comments:
Post a Comment