Pet owners may have spent more on food for their animals in late 2022 compared to the previous year. However, concerns about the economy’s effects on their pet ownership haven’t increased during the past few months. The latest edition of the American Pet Products Association Pulse Study of Pet Ownership in the Current Economy reported on 2,010 pet owners’ attitudes expressed in a survey conducted in December 2022.
Half of survey respondents (50%) reported spending significantly more on their pets than a year ago. Considering the three months preceding December 2022, 48% of pet owners stated that they were spending more on pet food, while 7% said they spent less.
“A subsequent 77% of those individuals say they are spending more because of the increased cost of their pet food,” APPA analysts wrote. “Switching brands of pet food and treats was reported by a lower percentage of pet owners than the percentage who opted to switch to a less expensive option within their usual brand.”
One-third of pet owners stated that they could not afford to continue spending more on pet food.
Effects of the economy on pet ownership
However, pet owners’ concerns about the economy hadn’t continued to rise. Worries about a recession afflicted 69% of pet owners, with 59% believing the economy would get worse in the next 12 months. These percentages were similar to the previous APPA survey conducted in September 2022.
Pet ownership rates likewise didn’t change much with 13% od respondents stating that they got a new pet, down slightly from 15% in September. Younger generations and those households without shildren were the most likely to have changed their ownership status between September and December.
Gen Z (24%) and millennials (22%) reported getting a new pet during that time. On the other hand, 8% of Gen Z reported giving up a pet, as did 4% of millennials.
