By the Numbers: Modern Pet Parents

A new study examines the rise of “the pet economy.”

1 Year

What does devotion look like?

According to a new study by The Harris Poll, a striking 34% of Millennial pet parents and 29% of Gen Z pet owners admit their devotion to their pets has led to financial strain, with some willing to accrue debt for their pets’ well-being. The study found that 67% of pet owners would sacrifice alcohol for a year for one more year with their pets, and a third would part with $100,000 for additional time with their pets. Furthermore, 47% of pet owners would even leave their pets an inheritance if they could, underscoring the depth of their financial commitment.

$4,366

The Harris Poll found that American pet owners spend on average $4,366 annually on their pets. According to a new study by The Harris Poll, American pet owners spend on average $4,366 annually on their pets. Gen Z leads the charge, spending $6,103 annually, followed by Millennials at $5,150, Gen X at $3,878, and Baby Boomers at $2,454.

43%

If given the choice, 43% of Americans say they’d opt for pets over children in the future, according to The Harris Poll study. For younger generations like Gen Z and Millennials, pets are seen as more manageable – 43% say they’re easier to care for, and 42% believe they come with less financial burden.

58%

Should we allow pets at work?

Over half of American pet owners (58%) believe their employers should normalize allowing pets at work, and nearly half (49%) feel their paychecks should include a stipend to cover pet-related expenses. Additionally, 46% think employers should offer leave for getting new pets, underscoring the growing importance of pets in their personal and professional lives.

To view The Harris Poll study visit https://theharrispoll.com/wp-content/uploads/2024/10/State-of-Pets-October-2024.pdf

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