Key Insights
In 2023, pet owners in America spent an annual average of $876 on their beloved animals.
Since 2013, expenditures related to pets have surged by 90%, rising from an average annual spend of $460.
According to the latest American Pet Products Association (APPA) National Pet Owners Survey, Millennials represent the largest portion of U.S. pet owners, accounting for 32%, followed by Gen X at 27%, Baby Boomers at 24%, and Gen Z at 16%.
In fact, while Generation X invests the most in their pets each year, with an average of $943, Millennials follow closely behind at $886, but tend to spend less relative to their income.
Additionally, women significantly overshadow men in pet spending, with averages of $743 compared to just $388 annually.
Interestingly, pet owners in the Midwest lead the nation in spending, averaging $1,160 on their pets in 2023, marking the only region to surpass the $1,000 mark.
Who Spends the Most on Pets on Average?
By delving into data provided by the U.S. Bureau of Labor Statistics, we can paint a clear picture of pet spending habits across various demographics.
Pet Spending Across Generations
The average pet owner dispensed $876 on pets in 2023, but this amount varies among generations. Data from the BLS reveals that Millennials spend less annually on their pets, averaging $886, compared to Generation X’s $943 and Baby Boomers’ $935. The youngest cohort, Gen Z, spends even less at an average of $712.
However, it’s essential to recognize that Gen Z’s lower spending does not reflect a lack of affection for their furry companions. Although Generation X allocates the highest amount overall for pet expenses, their expenditures represent the smallest portion of their income at 0.69%. In contrast, Gen Z spends the most in relation to their income, dedicating 1.13% of their estimated average income of $52,891 to pet care.
*Definitions: Gen Z includes individuals born in 1997 or after; Millennials range from 1981 to 1996; Gen X spans from 1965 to 1980; Baby Boomers are those born from 1946 to 1964; and the Silent Generation pertains to those born in 1945 or earlier.
Pet Spending by Gender
According to BLS data, single women spend an average of $743 annually on their pets, representing 1.66% of their income, while single men spend only about $388, or 0.84% of their income.
This noticeable difference could stem from the influence of pet-centered social media figures, where female audiences dominate platforms like Instagram, suggests certified dog trainer and blogger Aleksander Mishkov from The Daily Tail.
Another contributing factor? The distinct ways men and women perceive their pets. “Single women often see their pets as their children, while men typically consider them companions,” Mishkov observes. “Naturally, spending tends to be higher for those we regard as children.”
Pet Spending by Region
In 2023, the Midwest emerged as the highest-spending region, with pet owners shelling out an impressive $1,160 on average. Meanwhile, the South shows the least spending at $705. Midwesterners also allocate the highest percentage of their income for pet care, investing 1.25%, while other regions range from 0.72% (West) to 0.80% (Northeast).
Trends in Pet Spending Over Time
The trend in pet spending has been consistently upward. According to the APPA, Americans were projected to spend $147.0 billion on their pets in 2023, a significant increase from $136.8 billion in 2022, with estimates for 2024 expected to climb even higher, reaching $150.6 billion.
In 2023, average spending on pets surged over $100 per individual, rising to $876 from $741 in 2022. Compared to a decade earlier, this reflects a remarkable increase of 90% since 2013, when average expenditures were merely $460.
BLS findings indicated a spike in the percentage of income directed toward pets in 2017. Although this figure decreased in subsequent years, it still stood at 0.86% of income in 2023.
This deeper bond translates into a growing awareness of the needs of pets, as noted by Arthur Salisbury, founder of the blog Pitbulls Home. “Understanding that a balanced diet, consistent veterinary care, engaging toys, and specialized training are crucial to our pets’ happiness drives responsible pet owners to invest significantly in their care,” Salisbury shared with MarketWatch Guides. “This dedication often goes beyond mere necessity to ensure their well-being.”
Study Methodology
The information presented in this report comes from the Bureau of Labor Statistics Consumer Expenditure Survey.
For analyzing spending variances by generation and region, we utilized data from the 2023 Consumer Expenditure Survey. When exploring gender differences, we employed a two-year means analysis from the 2022 to 2023 Consumer Expenditure Survey, focusing specifically on the subcategory “pet” within “pets, toys, hobbies, and playground equipment.”
For any inquiries related to this study, please reach out to the author.
