LendingTree: Pet owners struggling amid inflation
by Katie Pfaff
Pet owners are being negatively impacted by rising prices as a result of inflation, according to results from a survey from LendingTree, an online financial services company. About 75% of more than 1,000 pet owners said inflation is making pet ownership more expensive. Some 26% of those who responded to the survey said they were having a tough time managing to afford pet care.
“Our pets are family, and we often have to make sacrifices for those we love,” said Matt Schulz, chief credit analyst at LendingTree, in a news release. “With pet ownership getting more expensive by the day, many Americans find themselves having to do just that. The best place to start is by carving out space in your budget for pet expenses and even a pet emergency fund, if possible. That way, the next big, unexpected expense for your furry friend won't automatically send you into debt.”
When asked what aspects of pet care were impacted most by rising costs, 74% of respondents cited pet food and 33% listed veterinary care. Nearly 90% of the respondents said they had noticed increased prices on vital items or services.
Given these findings, pet owners also reported having to reduce pet care budgets. In this recent survey, pet owners said the annual pet budget was $984. That’s $179 lower than the $1,163 budget reported in the 2021 LendingTree survey.
In order to make ends meet, 44% of respondents said they had taken on debt or spent less on items for themselves, and 10% of pet owners have put less money toward retirement savings. For those pet owners who have taken out debt to pay for pet expenses, 24% owed $1,000 or more. Most indebted owners said that they owe between $300 to $499.
Survey methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,017 U.S. pet owners, ages 18 to 76, in August 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
The report can be accessed at: https://www.lendingtree.com/debt-consolidation/pet-ownership-inflation-survey/
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