Before the COVID-19 pandemic, spending on our pets was expected to reach an all-time high in 2020.  Sadly, many pet owners saw their incomes go down this past year.  The website Possible Finance surveyed 3,000 US pet owners to see how they were handling pet expenses during this time.

The findings show that while many pet owners took a pass on luxury spending for their pets, over half of the people surveyed said that they would be willing to cut back on their own expenses in order to provide the basic necessities for their pets.

Here are a few key findings from the survey:

• 62% of respondents said they would sacrifice a personal expense to have more cash for their pets.
• Baby Boomers were the most likely age group to give up personal spending to have enough money for their pets.

What are the expenses people are most willing to sacrifice for their pets?  In descending order, they are:

• Fitness memberships
• Dining out
• Buying clothes
• Filling the gas tank
• Paying bills

When it came to a splurge or luxury expense for their pets, 64% of pet owners said they would not do it, but women were more likely than men to buy non-essential items like clothing or accessories for their pets.

How does non-essential or splurge pet spending break down by age group?

• Gen Z: video surveillance products
• Millennials: video surveillance products, DNA tests, raw food
• Gen X: clothing and accessories
• Baby Boomers: DNA tests, pet walker or pet sitter

Many pet owners are turning to do-it-yourself pet grooming, training, and toy and treat making to save money.  How has your pet care spending changed?