Source: Bank of America
Pet ownership remains common, but rising costs—particularly Veterinary expenses—are making pet parenting increasingly expensive, according to BofA Global Research. Adoption rates have slowed over the past year, especially for dogs, as affordability concerns influence household decisions about owning pets. Bank of America credit and debit card data revealed that spending at pet stores varies significantly by income level and generation, with younger and lower-income households reducing spending the most.
Veterinary care costs continue climbing, contributing to overall pet care expenses that remain far higher than pre-pandemic levels. As a result, Veterinary visits have declined as many owners struggle to afford care. The report also noted that increasing consolidation of Veterinary clinics by private equity firms may be contributing to higher prices, making access to care more difficult for some pet owners. Despite continued strong interest in pets, economic pressures are reshaping consumer behavior and creating new challenges for both pet owners and the Veterinary industry.
Read the full story HERE: https://institute.bankofamerica.com/economic-insights/pet-ownership-costs.html