The relationship between humans and their pets may be priceless, but a new survey has revealed the bond is not cheap.
A pet insurance company examined how much the average American spent on their dog or cat in 2023, revealing that many pet owners forked out more than expected.
The data showed pet owners spent about $4,800 on their furry friends.
While veterinarian bills cost the most, food and ‘fun items’ followed suit.
Despite the increased costs, 86 percent of pet owners agreed there is no limit on their pet’s happiness and health.
A pet insurance company examined how much the average American spent on their dog or cat in 2023, revealing that many pet owners forked out more than expected.
The survey was conducted by MetLife Pet Insurance, which used a sample size of 2,000 American dog and cat owners.
The company examined a year in the life of a pet parent, looked at various factors, including finances, and found that these costs come from food, toys, clothes, treats and health needs.
Approximately 41 percent of pet owners said they spent more money on their pets this year than anticipated, but even more predict the cost will increase in 2024.
This year, pet parents spent about $633 on pet food – but even more on treats, $645.
Pet owners also averaged spending nearly $600 on fun items such as toys ($585) and clothes ($598) this year.
The data showed pet owners spent about $4,800 on their furry friends. While veterinarian bills cost the most , food and ‘fun items’ followed suit
These fun items were even more extravagant, with the average owner spending about $176 on a leisure splurge for their pal, like ‘a large swimming pool,’ ‘a giant cat tree,’ and ‘a birthday party with neighborhood pets, cake, DJ and piñata.’
However, health needs were the most expensive, averaging $1,242 on vet visits.
Brian Jorgensen, CEO of Pet Insurance at MetLife, said: ‘Our survey found almost half of pet parents (45 percent) said their pet went through a major health event this year, but unfortunately, 82 percent of them weren’t financially prepared for the cost of this.’
Pet parents may have more to think about with the holidays around the corner, too, as 63 percent said they usually buy their pet a present for the holiday season — though only 54 percent are certain they will buy their furry friend a gift this year.
