Key Insights
During 2023, the average American dedicated $876 annually to their furry companions.
Since 2013, spending on pets has surged by an impressive 90%, up from an average of $460 per year.
According to the American Pet Products Association’s latest National Pet Owners Survey, millennials represent the largest segment of U.S. pet owners at 32%, followed by Gen X at 27%, Baby Boomers at 24%, and Gen Z at 16%.
Generation X leads in annual pet spending, averaging $943, overtaking even the enthusiastic millennials, who spend $886 but account for a smaller proportion of their income.
Women significantly outspend men in pet-related expenses, allocating $743 compared to men’s $388 each year.
Midwestern pet owners emerged as the highest spenders, averaging $1,160 annually, marking the only region exceeding the $1,000 benchmark.
Who is Spending the Most on Their Pets?
Utilizing insights from the U.S. Bureau of Labor Statistics, we can gain a clearer view of pet spending trends across various demographic segments.
Pet Spending by Generation
In 2023, the average expenditure on pets stood at $876, varying noticeably by generation. Data from the BLS indicates millennials spend $886 annually on their pets, less than Generation X’s average of $943 and Baby Boomers’ $935. Meanwhile, Generation Z, the youngest cohort, spends the least at $712 each year.
Nonetheless, this does not imply that Gen Z loves their pets any less. Although Generation X spends the most in absolute terms, they allocate only 0.69% of their income to pet care. Conversely, Gen Z dedicates a higher percentage of their earnings—1.13% of their average income of $52,891—toward their beloved animals.
*Definitions: Gen Z includes individuals born in 1997 or later; Millennials are born between 1981 and 1996; Gen X spans 1965 to 1980; Baby Boomers are those born between 1946 and 1964; and the Silent Generation includes those born in 1945 or earlier.
Pet Spending by Gender
Data from the BLS reveals a significant spending gap. Single women invest an average of $743 yearly on their pets (representing 1.66% of their income), whereas single men spend only $388 (or 0.84% of their income).
This discrepancy may be influenced by the prevalence of pet influencers on platforms like Instagram, which attract a predominantly female audience, notes certified dog trainer and blogger Aleksander Mishkov from The Daily Tail.
Additionally, perceptions of pets differ by gender. “Single women often view their pets as their children, while single men tend to see them as companions,” Mishkov explains. “People generally spend more on their children.”
Pet Spending by Region
In 2023, the Midwest took the lead in pet spending, averaging $1,160 per pet owner, while the Southern region’s spending averaged $705. With a significant 1.25% of their income directed to pet care, Midwesterners also stand out in terms of spending relative to income, whereas other regions spend between 0.72% (West) and 0.80% (Northeast).
Trends in Pet Spending Over the Years
Spending on pets continues to climb. The APPA reports that Americans spent $147.0 billion on pets in 2023, a rise from $136.8 billion in 2022, with projections for 2024 estimating even greater expenditure at $150.6 billion.
In 2023, the average annual spending per person reached $876, increasing over $100 from $741 in 2022, highlighting a significant rise in pet-related spending compared to a decade ago, reflecting a 90% growth since 2013’s average of $460.
However, BLS data indicates a spike in the percentage of income spent on pets occurred in 2017, with an average of 0.96% then, dropping to 0.86% in 2023.
Numerous factors contribute to this rising trend in pet expenditures, predominantly a cultural shift in the perception of pets. As Daniel Caughill, founder of the pet advice platform The Dog Tale, articulates, “Pets have transitioned from mere animals to cherished family members, deserving of their own beds, insurance, and holiday sweaters. This emotional bond has transformed how we approach pet care and spending.”
Accompanying this enhanced bond is a growing awareness of the necessity for proper pet care. Arthur Salisbury, founder of the blog Pitbulls Home, emphasizes, “Modern pet owners understand the importance of a balanced diet, regular veterinary visits, engaging toys, and specialized training to ensure their pets’ happiness. This understanding motivates us to invest in their care and welfare proactively.”
Methodology
This report draws upon data from the Bureau of Labor Statistics Consumer Expenditure Survey.
For insights into pet spending by generation and region, we utilized the 2023 Consumer Expenditure Survey. In analyzing gender differences in spending, we utilized data from the 2022 to 2023 Consumer Expenditure Survey’s two-year averages, focusing on the “pet” category, which is a subcategory of “pets, toys, hobbies, and playground equipment.”
Questions about our study? Please reach out to the author directly.
