Source: Pet Age
In 2022, Americans spent $102.71 billion on their pets, accounting for 1.05% of total expenditures. This marked a 2.7% increase in pet spending, considerably lower than the $16.23 billion surge in 2021. The distribution of spending in 2022 showed a 12.5% growth in food spending, while supplies and Veterinary spending declined. Driven by trends and external factors like FDA warnings and COVID-19, pet food spending varied across generations, with Gen Z doubling its spending.
Pet supplies spending saw a decline for Gen X, the highest spender, in 2022, despite a strong surge in 2021. The non-veterinary pet services segment experienced growth across all age groups, with Baby Boomers leading the increase. Veterinary spending saw a decline overall, except for Gen X and Gen Z, with Gen X becoming the highest spender in this category. Gen X emerged as the overall spending leader, outperforming other generations in various pet-related segments, showcasing its sustained commitment to pet parenting. The data is sourced from the U.S. Bureau of Labor Statistics Consumer Expenditure Survey.
Read the full story HERE: https://www.petage.com/u-s-pet-spending-by-generation-gen-xers-spend-most-millennials-grow-stronger/