Are you spending too much money on your pets?

First of all, most pet owners consider their cats or dogs a bona fide member of the family. This is especially true with millennials. In fact, 1/3 of millennial-aged Americans (ages 18 to 36) who purchased their first home say the desire to have a better space or yard for a dog influenced their decision to purchase their first home. This is according to a 2017 survey from SunTrust Mortgage, a division of SunTrust Banks, Inc. Dogs ranked among the top three motivators for first-time home purchasers and were cited by more millennials than marriage/upcoming marriage, 25 %, or the birth/expected birth of a child, 19 %.

“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” says Dorinda Smith, SunTrust Mortgage President and CEO. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.”

Also, the sheer numbers explain our obsession with our pets. According to the 2017-2018 American Pet Products Association National Pet Owners Survey, 68 percent of U.S. households own a pet, which equates to 84.6 millions homes. Of those pets, dogs are number one, with more than 60 million households having a dog, followed by a cat—47 million households.

Given how highly we regard our pets, it makes sense that so many of us want to pamper our pets. I know from my online business how many Americans celebrate their dog’s birthday each year and want to be able to throw them a birthday party with a dog-themed cake and dog bone shaped birthday candles. The ornate cake at the top of this article was made using our pit bull cake pan and professionally baked and decorated by one of our dog bakery customers, the Happy Dog Barkery in Downers Grove, Illinois. Soon our online store will introduce cat-themed cake pans and birthday candles for those 47 million households with cats that might want to celebrate their cat’s birthday. This will be part of our Kittieware line.

This is part of the reason that dog bakeries—or barkeries—are popping up all over the place and chowing down the profits. In a recent Voice of America article, Nicki Dobson of Three Dog Bakery in Kansas City, Missouri, explains how pet owners buy treats for their pups as they might ice cream for their children—and, by the way, there is dog ice cream on the market: “We have dogs come in every week,” Dobson said in that article. “Their dog needs a cookie every night. We have people who drop $50 to $75 on [dog] pastries every week.”

In addition to pet-themed bakeries, there are pet spas, pet-oriented restaurant franchises, hotels with pet programs and cat-friendly AirBnB locations. Even automotive brands are marketing to pet lovers, with vehicles with pet-specific features.

I can tell you that in some instances, when we choose brands that we give our business to as a family, we might base our decision on how pet-facing a business is. For example, if a bank doesn’t give out treats at the drive-through window, I find myself thinking, Why not?

Do you love your subscription boxes? Well, dogs and puppies can get them now. You can even dress your pup up in your favorite college or professional team’s sports gear so your pet is in the spirit when you sit down to watch the big game.

And many pet parents include their pups in Halloween celebrations, too. According to Pet Products News, millions will dress their pets up for Halloween. One statistic said that for every $3 parents spend on costumes for children, they’ll spend $1 on a costume for their pet. PARADE



More and more American families own pets.

A recent study says that 85 million families in the United States own a pet.

The American Pet Products Association’s study for the years 2017-2018 says that represents 68 percent of all families in the U.S.

Thirty years ago, when the study was first done, 56 percent of families owned a pet.

The survey found dogs are the most popular pets. Sixty-point-two percent of homes own one. Cats are the second most popular with 47.1 percent of families reporting they had a cat. Freshwater fish came in third with 12.5 percent.

Nicki Dobson is head of marketing and communication for Three Dog Bakery. The business calls itself the "original bakery for dogs." She said pets have become especially popular among Americans in the past 10 years.

She said, "People are having more pets and less children. People are concerned about what they eat. Our whole premise was trying to make things with human-grade ingredients and a focus on nutrition. They look like human food, but they're meant for pets."

Another company, Posh Puppy Boutique, sells clothes, jewelry and other items for dogs.

There are also pet hotels and pet health centers. One study found that Americans spend about $126 each month on their pets.

Three Dog Bakery opened in 1989. Dobson says there are now 45 bakeries around the world, including in Canada and China. She said cakes are the most popular item. She added that some people pay $50-75 on baked goods each week for their pets.


Pets rather than children?

Some younger Americans seem to be choosing pets over having children. Some are making big life decisions, such as buying a home, around the lives of their pets.

The SunTrust banking company did a study in 2017 of people under the age of 40 buying their first home. The study found that 33 percent said a good yard or good space for their pets influenced them to buy a new home. Only 25 percent said marriage was a reason, and 19 percent said the birth of a child.

Some companies now offer pet benefits such as pet insurance. They are also offering "pawternity" leave, which gives workers free time to spend with their new pets.

Dobson noted that taking dogs to work is now popular in places that permit it.

Americans' love for their pets is even influencing their travel plans. A recent survey found that 49 percent of pet owners have not left the country since owning their pet. Sixty-eight percent of those said it was because they feel guilty leaving their pets alone.

Health experts say pets can improve the health of their owners. The American-based Centers for Disease Control and Prevention says pets can reduce blood pressure, cholesterol levels and feelings of loneliness.

The CDC adds that pets also offer chances for outdoor exercise and socialization with other people.

Article Credit:  Americans Spending and Doing More for Their Pets

The American Pet Products Association (APPA) provides periodic updates on how much money U.S. citizens spend on their beloved pets each year. While spending for 2017 was estimated to reach $69.35 billion, Americans surpassed that estimate by a few million dollars.

 According to new annual industry-wide spending figures announced at this year’s Global Pet Expo held in Orlando, Florida, Americans spent a total of $69.51 billion on their pets in 2017.

 These statistics mean that 2017 pet spending outpaced 2016 pet spending by nearly $3 billion, showing 4 percent growth in the pet market.

 "Talk to any pet owner and they'll tell you how difficult it is to put a dollar limit on what they'd spend to give their loyal companion a happy life,” APPA president and CEO Bob Vetere said, “and it's this outlook that continues to drive growth."

 When it comes to what pet owners are spending their hard-earned dollars on, though, pet food reigned supreme, followed by pet supplies and over-the-counter medications, veterinary care, live animal purchases and other miscellaneous services.

Over the course of one year, growth was experienced in each of these five categories except for live animal purchases — which remained the same between 2016 and 2017.

"It's incredible to not only see growth for the pet industry in general but to experience growth across all categories with the exception of 'live animal purchases,’" Vetere said.

The good news is that veterinary care spending continues to grow year-over-year, showing a 7 percent increase from 2016. According to APPA analysts, this category is expected to continue on the same upward trajectory with 6.9 percent growth projected for 2018.

 The category that experienced the most growth between 2016 and 2017 was ‘other services,’ which includes grooming, boarding, walking, training, pet sitting, yard services and more. This grouping is up 6.9 percent from 2016, coming in at $6.16 billion spent in 2017.

 "The industry is moving beyond simply the humanization of pets to where they are now widely accepted as part of the pet owner's lifestyle," Vetere said. "No matter the primary cause of increased spending on pets, be it enhanced nutrition, better healthcare, increased pampering, or greater technology, the one thing we know for sure is that pet owners have a top priority in pursuing longer, healthier lives for their pets.”

Article Credit:  American Pet Spending Reaches New High