How Much Did Consumers Spend On Their Pets In 2020? A Deep Dive Into Pet Expenses
Why Americans Spend So Much Money On Pets
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How Much Do People Spend On Their Pets?
How much Americans spend on their pets has seen a significant surge over the past eight years, according to data from the Bureau of Labor Statistics. In 2013, the average annual expenditure on pets in the United States was $460. By 2021, this figure had risen to $770, marking a substantial 33% increase in pet spending during that period. This upward trend in pet spending was further exacerbated by the COVID-19 pandemic, which not only led to a surge in pet ownership but also established new records for the annual amount allocated to pet-related expenses. As of February 21, 2023, these figures continue to highlight the growing importance and financial commitment people make to their furry companions.
How Much Money Is Spent In The Pet Industry?
The U.S. pet industry has witnessed substantial financial growth from 1994 to 2022. In 2022, the expenditure in this industry exceeded a remarkable 136 billion U.S. dollars. This impressive financial milestone, as of August 29, 2023, highlights the significant economic impact of the pet industry in the United States over nearly three decades.
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The US pet industry reached $123.6 billion in sales in 2021. According to data from APPA, the amount Americans spend on their pets keeps increasing every year. Specifically, it grew to $103.6 billion in 2020 – that’s nearly $13.1 billion more than in 2018.Pet Spending in the U.S. Increased from $460 in 2013 to $770 in 2021 (Bureau of Labor Statistics) Although the pandemic drove pet parenting numbers to new heights, it also set new records for how much money we spend annually on our pets. Pet spending grew by 33% in eight years.U.S. pet industry expenditure 1994-2022
Pet industry expenditure in the United States reached over 136 billion U.S. dollars in 2022.
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