CHARLOTTE, N.C., Sept. 16, 2021 /PRNewswire/ -- LendingTree, the nation's leading online loan marketplace, released its survey surrounding the financial impact owning a pet has on finances. The survey found that 28% of pet owners spend money on their pet for social media posts, such as a special outfit for their dog. Spending for social media was especially common among Gen Z, with 47% saying they spend money on their pet for social media posts.
Key findings
- 28% of pet owners (and more than 4 in 10 Gen Zers and millennials) spend money on their pet for social media posts, such as a special outfit for their dog.
- Pet owners are spending an average of $1,163 per year on food, treats, props for social media content and other expenses; Gen Z pet owners spend the most, shelling out $1,885 annually.
- Pet ownership comes with continuous costs, as 98% of pet owners spend money on their pet every single month, averaging $86.
- 45% of pet owners would have to take on debt to cover a $1,000 emergency pet expense. Additionally, nearly 1 in 10 (8%) are currently in debt for their pet.
- 84% of pet owners said they treat their pet as if it were their own child.
To view the full report, visit
Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,425 pet owners from Aug. 9-23, 2021. The survey was administered using a non-probability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by...
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