How much money can we spend on our pets every yr?

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By Elizabeth Elizalde // SWNS

NEWS COPY w/ VIDEO + INFOGRAPHIC

If you ought to own a pet, then be prepared to have an annual budget of over $3,500 for his or her essential needs. 

A recent study of two,000 pet owners – 1,000 of whom own dogs and 1,000 cat owners – revealed that half of all respondents have arrange a monthly budget for his or her pets (52%) with a median cap of $308.

In point of fact, pet owners, on average, spend $276.40 on their furry pals every month, which translates to $3,316.80 annually.

While nearly all respondents have gone over their monthly budget (98%), 4 in five admit they “don’t care” in the event that they go over their pet’s budget limit (79%) – but what causes them to achieve this? Pet care (37%), emergency vet visits (35%), upgrading their pet’s home situation and caring for annual or ongoing medical needs (each 33%) were all cited because the most important explanation why. 

Conducted by OnePoll on behalf of Lemonade, the research also found that 45% of all pet owners think dogs are costlier than cats, 13% think the other and 42% think they’re each equally costly. 

Respondents think dogs are expensive since the food (54%), vet checkups (52%), medicine (50%), grooming (46%) and cleansing products (38%) are pricey. 

However, people think cats are pricier as a consequence of expensive food (41%), vet checkups (40%), bedding (38%), cleansing products (38%) and grooming (38%). 

And once they splurge on their pets, owners go all out – citing they’ve bought them trendy items, comparable to all-natural pet food (38%), raw pet food (31%), a modified home like a catio (29%), pet-friendly baked goods and desserts (28%) and pet tech like a sensible collar (25%). 

However the research suggests that greater than half (55%) don’t have an insurance policy for his or her furry pals, citing cost because the most important challenge (41%).

Out of the 45% whose pets have insurance, they researched a median of three policies for his or her furry companions before choosing the most effective match. 

Two in five (41%) realized they needed to buy an insurance policy for his or her pets from the day they got them, and the identical percentage listed an emergency visit/surgery as the highest reason they got one in the primary place.

No matter whether their pets have insurance, three in 4 owners agree that it’s essential to plan for his or her dog or cat’s end-of-life care (75%). 

“There’s little doubt that bringing a pet into your private home can add immense unconditional love, but it surely’s essential to know they do include a price,” stated Dr. Stephanie Liff, vet health expert at Lemonade. “Whether it’s a routine vet visit, food, toys, or an emergency surgery, pets have financial needs that may add up. Being prepared and knowing your options, whatever that appears like for a person owner, is crucial to have in place before there’s a difficulty that becomes a heavy financial burden.”

4 in 10 respondents have gone into debt due to their pets’ emergency needs (42%).

Procedures and care can get expensive for pets and, in keeping with the outcomes, many pet owners are fairly unaware in the case of how much they cost.

For instance, 41% of pet parents think something like dental work for pets costs between $101 and $500. But in point of fact, a routine dental cleansing, on average, costs somewhere between $500 and $1,000, with more complicated dental procedures costing as much as $3,000.

A 3rd of respondents think expensive cancer treatments and surgery cost as little as $501 to $1,000, when in point of fact, in keeping with Lemonade, some dog or cat surgeries can easily cost $5,000 or more, with a full round of cancer treatments setting pet parents back $10,000. 

Meanwhile, many pet parents think flea treatments (36%) and vaccinations (34%) cost between $101 and $500, but in point of fact, flea treatments are around $15 monthly and vaccines cost as much as $50 per dose.

“Insurance doesn’t should be intimidating, but it will be significant to do your research and find the most effective solution to your family,” added Dr. Liff. “Search for plans which can be customizable to make sure you’re paying for what you actually need, are easy to know, and may get you the enable you to need while you need it.” 

**(Pet budget: $308 (monthly) x 12 = $3,696 annual budget limit
Pet monthly spending:  $276.40 (monthly) x 12 = $3,316.80 annual spending)**

Survey methodology:

This random double-opt-in survey of 2,000 pet owners was commissioned by Lemonade between August 1 and August 10, 2022. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).