Our pets provide loyal and loving companionship, especially during the pandemic when most of us have been stuck indoors. Though the pandemic has impacted many financially, when it comes to their pets, Americans aren't cutting back -- 34% of pet owners are spending more on their pets during the pandemic.
LendingTree surveyed over 1,300 pet owners to better understand how much they spend on their pets, how they cover unexpected pet-related expenses, and how that differs between cat and dog owners. A quick look at what we found:
· 1 in 3 pet owners (34%) said their pet-related spending has increased during the coronavirus pandemic. Twice as many pet owners said they’re spending more on their pet (34%) versus spending less on their pet (17%).
· 47% of pet owners have had pet-related debt, up from 36% in 2019. Of those currently in debt over their pets, one in five (19%) owe at least $1,000.
· Owning a cat isn’t less expensive than owning a dog: Cat owners experience the same financial strain as dog owners
· 98% of pet owners spend on their pets every single month.
You can view the full study here: LendingTree’s Pet Debt Survey