Nearly 30% of pet owners cannot afford their pets due to inflation

As Prices Soar Amid Inflation, LendingTree Finds Pet Owners Are Seeing Price Increases On Major Pet-Related Expenses

CHARLOTTE, North Carolina, September 15, 2022 /PRNewswire/ — LendingTree®, the nation’s leading online financial services marketplace, has released its investigation finding that more than 75% of pet owners say inflation makes owning a pet more expensive, and 26% struggle to pay their four-legged family members. 87% of pet owners say they have seen price increases on key pet-related expenses, especially pet food (74%) and veterinary services (33%). This rising cost has forced pet owners to make financial sacrifices for their pets, with nearly 1 in 4 (23%) taking on debt for their furry friends and some even limiting their savings contributions- retirement (10%).

Main findings

  • More than 75% of pet owners say inflation makes owning a pet more expensive, and 26% struggle to keep up with the rising costs. By generation, millennials (32%) are the most likely to say they struggle to afford pet expenses in the face of inflation.
  • Globally, 87% of pet owners say they’ve seen a price increase on major expensesincluding pet food (74%) and veterinary services (33%).
  • Inflation is pushing consumers to tighten their pet care budgets. While pet owners reported spending on average $1,163 each year on their pets in a 2021 LendingTree survey, in 2022 owners say they just spend $984 per year — nearly $180 difference.
  • 44% of pet owners make financial sacrifices for their pets. Almost 1 in 4 (23%) have incurred debt for their four-legged friends. Pet owners also spend less on themselves (18%) and some even limit their retirement savings contributions (10%).
  • 30% of owners who had debt related to pets had to $1,000 or more. Of the 6% who currently have pet-related debt, nearly 24% currently owe $1,000 or more, even though the majority of indebted owners (25%) owe between $300 at $499.

Chief Credit Analyst at LendingTree, Matt Schulzhad this to add:
“Our pets are part of the family, and we often have to make sacrifices for those we love. With pet ownership becoming more and more expensive, many Americans have to do just that. The best place to start is to create space in your budget for pet expenses and even an emergency pet fund, if possible.That way, the next big unforeseen expense for your furry friend won’t come to you. will not automatically send you into debt.

To view the full report, go to
https://www.lendingtree.com/debt-consolidation/pet-ownership-inflation-survey/

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,017 US pet owners, ages 18-76, from August 12-18, 2022. The survey was administered using a non-probability sample and quotas were used to ensure that the base sample represented the overall population. All responses have been reviewed by researchers for quality control.

We have defined generations as the following ages in 2022:

  • Generation Z: 18 to 25 years old
  • Millennial: 26 to 41
  • Generation X: 42 to 56
  • Baby boomers: 57 to 76

About LendingTree
LendingTree is the nation’s first online marketplace that connects consumers to the choices they need to be confident in their financial decisions. LendingTree empowers consumers to make smarter financial decisions through choice, education and support. Consumers can compare multiple offers from a nationwide network of over 500 partners in a single search and choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the Connect experience, consumers receive free credit scores, credit monitoring, recommendations to improve credit health, and notifications when the proprietary algorithm identifies a savings opportunity. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nelson Garcia
[email protected]
704-943-8208

SOURCE LendingTree.com

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