How much can you expect to spend on a pet

On Tuesday, financial services company Synchrony released its Lifetime of Care survey of 1,200 pet owners and 100 veterinarians, which showed it costs $20,000 to $55,000 to care for a dog. over his lifetime and $15,000 to $45,000 to care for a cat.

Almost half of those surveyed said they had underestimated the cost of maintaining a pet, although 70% of pet owners consider their pet to be part of the family.

“Millions of Americans choose to share life with a pet, but the true cost of ownership has always been incredibly vague,” said Jonathan Wainberg, senior vice president and general manager of CareCredit Pet at Synchrony, in a statement. communicated.

The American Society for the Prevention of Cruelty to Animals said one in five Americans acquired a pet during the pandemic. A total of 90.5 million American households now include a pet, according to the American Pet Products Association. And, collectively, pet owners spent $103.6 billion caring for their pets in 2020.

“We want pet owners to have a better understanding of what to expect financially,” Wainberg said.

Everyday expenses like food, treats, and routine healthcare can be expensive, but the costs multiply when a pet is old or nearing the end of its life.

Owners can expect to spend between $1,300 and $2,800 in the first year alone for a dog and $960 to $2,500 for a cat, according to the Synchrony survey.

The coronavirus has led many people to adopt or buy a pet, with APPA’s annual pet ownership survey last year revealing that pet ownership has increased from 67% of US households to around 70% in 2020. Among demographic groups, Millennials were the largest homeowner cohort, at 32%, followed by Baby Boomers at 27% and Gen X at 24%.

One in 4 respondents shared details of their new pet acquisitions in 2020, with 60% choosing saltwater fish, 47% dogs, 46% birds and 40% cats. Thirty-five percent of pet owners said they spent more in the 12 months ending June 2021 than a year earlier.

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