Report: Pet Spending Trends of 2024 (2024)

• From 2013 to 2021, average pet spending per household in the U.S. increased 67%, from $460 per year in 2013 to $770 per year in 2021.
• However, in 2022 pet spending dipped back down to an average of $741, thanks to older generations cutting back on spending. Millennials were the only generation to increase their spending on pets, from $679 in 2021 to $731 in 2022.
• Women spend significantly more on pets compared to men ($647 vs. $282 annually).
• On average, Midwest pet owners spent $129 more per person on pets in 2022 than in 2021. Meanwhile, people in the Northeast and West cut back on spending.
• On average, pet owners will spend $122 on their pets during the 2023 holiday season, but Gen Z will spend the most ($147), or 35% of their entire holiday budget.

Analyzing U.S. Bureau of Labor Statistics (BLS) data gives us a snapshot of pet spending trends by demographics.

Pet Spending by Generation

Despite millennials holding the stereotype of being pet-obsessed, BLS data shows they’re actually spending less on their fur babies each year ($731) than Generation X ($866) and boomers ($793) on average.

Although Generation X spends the most money on their pets, they spend the least amount relative to income at only 0.68%. Baby Boomers spend the most at 0.96% of their income. Meanwhile, despite an almost $400 difference in actual spending, millennials and the Silent Generation spend a similar proportion of income at 0.72% and 0.75%, respectively.

Pet Spending by Gender

In terms of pet spending by gender, women appear to be more likely to spend than men. Single women spend an average of $647 per year on their pets (1.57% of their income), while single men spend an average of $282 (0.56% of their income). Men’s spending fell from 2021, when they spent $367 a year, while women’s spending increased from $575 in 2021.

Certified dog trainer and blogger Aleksander Mishkov of The Daily Tail said this could be due to a rise of pet influencers on social media sites like Instagram, where most users are women. But he also mentioned how differences in how men and women view their animals could be a factor.

“Single women tend to view their pet as their kid, while single men view their pet as a companion,” Mishkkov said. “And you always spend more money on your children.”

Pet Spending by Region

In 2021, pet parents in the Western U.S. spent the most on their fur babies. In 2021, the West’s spending fell and the Midwest increased, jumping up from $691 annually to $820. The Northeast and the West cut back on pet spending, while the Midwest and the South saw an uptick. The chart below shows average pet spending by region as a gross figure.

Relative to average income, pet owners in the Midwest also spend the most. Midwestern pet parents spent 0.90% of their income on pets, while the Northeast spent 0.66% and the South spent 0.78%. The West spent 0.78%, a dramatic fall from the 1.10% of income spent on pets in 2021.

Pet Spending Internationally

A 2023 MarketWatch Guides study found that the average lifetime cost to own a labrador retriever in the U.S. amounts to $28,801. In the U.K., the lifetime cost comes in at $27,787 (or £22,229). When stacked up against state-by-state averages, the U.K. would rank 27th–more expensive than South Carolina ($27,963), but less expensive than North Carolina ($27,766).

Based on data from 2022 and 2023, the U.K. outspends the U.S. on pet food each year at $599 versus $447 but catches a break on medications. The Royal Veterinary College will vaccinate a British pup for $83 (£67), but an American dog could see a vaccine bill of almost $200 for multiple shots.

During the 2023 festive season, pet owners made plans to celebrate with their beloved animals. A recent MarketWatch Guides survey on holiday pet spending in 2023 revealed trends in how pet owners planned their holiday spending budget.

The Rising Trend of Pet Gifting

Our survey found that pet owners planned to allocate a significant portion of their holiday budget for their pets. On average, pet owners said they planned to spend $122 on their pets in the 2023 holiday season, which is 20% of the average overall holiday budget ($620).

We found that 68% of pet owners admitted they are more inclined to purchase items for their pets during the holiday season compared to other times of the year. In fact, in 2023, 78% planned to take advantage of Black Friday and Cyber Monday deals for pet-related shopping. Here’s what pet owners said they were planning to buy:

Gift-Giving Rituals

Pet owners are not just buying gifts — they are also planning to engage in festive rituals to make the occasion special for their pets. Around 85% of pet owners planned to buy a holiday gift for their pets, and 80% of those owners intend to present those gifts in a unique way, such as using a special stocking. Additionally, 40% of pet owners who planned to buy gifts said they would allow their pets to unwrap them, adding a touch of charm to the holiday celebrations.

Shopping Preferences

When it comes to shopping destinations, online retailers are the top choice for 70% of pet owners. About 63% of shoppers planned to support local pet stores, while only 23% planned to visit national chain pet stores for their pet holiday shopping.

Holiday Pet Spending by Generation

There are noticeable generational differences in holiday pet spending. Gen Z pet owners planned to spend an average of $146 on their pets, which was 35% of their overall holiday gift budget. But despite Gen X’s reputation for spending the most on their pets throughout the year, they fall behind other generations in holiday spending.

Holiday Travel and Pet Spending

Our study found that holiday season travel plans significantly impact pet spending. About 37% of pet owners planned to travel with their pets in 2023, costing $294 in pet-related travel expenses on average. Conversely, 22% of pet owners planned to travel without their pets and estimated to spend an average of $205 on pet sitting or boarding services.

With 41% of pet owners opting to stay home, the overall holiday spending on pets — including gifts, boarding or travel expenses — averages around $327 for most pet owners. For those traveling with pets, this figure rises to an average of $416, highlighting the financial impact of pet ownership during the holiday season.

According to the APPA, Americans spent $136.8 billion on their pets in 2022, up from $123.6 billion in 2021. The APPA expects pet spending to keep its year-over-year increase, projected to hit $143.6 billion in 2023.

It’s clear that Americans are spending more on pets as time goes on. In fact, the BLS didn’t even quantify pet spending as its own category until 2013. Before then, it was lumped into “pets, toys, hobbies and playground equipment.”

Caughill said several factors cause the increase in pet spending, but the biggest is a cultural mindset shift around pets in general.

“Culturally, the dogs are out of the dog house. Once regarded as merely a pet, dogs and cats are now recognized as a member of the family, with their own beds, insurance policies and ugly Christmas sweaters,” Caughill said. “People form a deep and meaningful bond with their pets, and as culture is more accepting of these bonds, people are spending more.”

Arthur Salisbury, the founder of pitbull blog Pitbulls Home, said increased spending could also be attributed to a growing awareness of pets’ emotional and physical needs.

“We now understand that a balanced diet, regular veterinary check-ups, stimulating toys and even specialized training are vital to ensuring [pets’] happiness,” Salisbury told MarketWatch Guides. “So, as responsible pet owners, we are willing to invest in these aspects of their care, often going above and beyond to ensure their well-being.”

Pet spending dipped to an average of $741 in 2022 from $770 in 2021. However, Americans are still spending considerably more on pets than they did a decade ago. Looking at the past decade of BLS data, the amount that Americans spend on pets, toys, hobbies and playground equipment has increased to $908 in 2022 from $631 in 2011, a rise of nearly 54%.

Since the BLS started tracking “pets” as a spending category, average yearly spending increased to $741 in 2022 from $460 in 2013.

BLS data also shows the percentage of income spent on pets spiked in 2017. Americans spent an average of 0.97% of their income toward pets in 2017, but this number dropped in recent years, standing at 0.88% in 2021.

The annual inflation rate skyrocketed post-pandemic, jumping more than 3% in just one year – from 1.2% in 2020 to 4.7% in 2021. Rising inflation has increased the cost of living for nearly every American, including the cost of caring for pets.

Pet spending as a percentage of income fell to an average of 0.78% in 2021, down from 0.88% in 2021. This figure is also down from 2020, when Americans spent an average of 0.82% of their income. The Silent Generation seems to be particularly conscious of their pet spending. Their spending dropped by 28%, from $495 in 2021 to $356 in 2022. As a percentage of income, spending by the SIlent Generation fell from 1.18% to .75%.

Data for this report comes from the Bureau of Labor Statistics Consumer Expenditure Survey and the 2023 MarketWatch Guides Holiday Pet Spending Survey.

When considering pet spending by generation and region, we used the 2021 Expenditure Survey and 2022 Expenditure Survey results. For analyzing differences by gender, we used 2021 and 2022 results, which are the most recent, compared to 2020 and 2021 data. In 2022, Generation Z pet spending was suppressed due to a Relative Standard Error greater than or equal to 25%.

For our national look at pet spending over time, we considered two spending categories:

• Spending on pets, toys, hobbies, and playground equipment
• Spending on pets

The “spending on pets category” was only introduced in 2013, and therefore, when looking at longer periods, we considered the broader category “spending on pets, toys, hobbies and playground equipment.”

To find insights on holiday pet spending, we surveyed 1,000 U.S. pet owners to determine what their holiday budget looked like for their furry friends. We collected survey data on Nov. 17, 2023, on Pollfish. Data were weighted to be more representative of the American population. For cost data, outliers were removed.

Questions on our study? Contact the author here.