Pet Expenses -- There's No Limit to What Some Will Spend

On Aug. 30, HNK Consultation announced in a press release the findings of a recent study of the extent pet owners will go to care for and treat their beloved cats and dogs. What they found was that many people today believe their pets are not only family members, but are deserving of the best medical (veterinary) care and medications, the finest "clothing," organic foods and an inheritance in the event of the owner's death.

Studies aside, it's not at all unusual to hear about people leaving thousands, if not millions, to their cats and dogs. Pet trust funds and will adjustments to include pets is no long unique, although the rich and famous are the ones who get media attention. For example, Leona Helmsley recently left $12 million to her Maltese, Trouble, so it can live out its life in luxury.

And then there's Neuticles, a patented testicular implant for pets who have been neutered. These fake body parts sell for as much as $919 a pair for dogs and $849 for cats - unless one chooses to have "custom sizing." That can mean a cost of $1,799 or $1,699, respectively.

In its survey of 155 pet owners across the country, HNK found that many pet owners believe their pets have what might be called "human problems." They suffer from feelings of anxiety and depression and sadness. As reflections of the owner, some pets - primarily dogs - are dressed in designer clothes and spritzed with the nicest fragrances. Some dogs with less than the perfect smile are fixed with braces, while others are seen by psychologists for behavioral and emotional troubles. HNK also found that "pet parents" are becoming increasingly demanding when it comes to quality care and quality products.

What this has meant, according to the study, is that "the pet industry has hit an all time high."

HNK says that, according to the American Pet Products Manufacturers Association (APPMA), 80 percent of dogs and 50 percent of cats in 2006 were medicated for one reason or another. As a result, drug companies have developed medications for overweight dogs, anxious dogs, depressed dogs and arthritic dogs. Some vets believe the perceived emotional problems are just another way for drug manufacturers to take advantage of a market and sell products. However, many vets say these are real issues and medications are justified in some cases. HNK says that Americans are likely to spend 50 percent more on pet medications in 2007 than they spent five years ago.

According to nSpend, a database of products and services purchased by American households, the average amount spent on pets in America in 2005 was more than $300 per month. Given those figures, it can be safely estimated that Americans are now spending in the neighborhood of $40 billion a year on their furry family members.

Sources:

Press release, What We Will Do For Our Pets; http://www.prweb.com/releases/2007/8/prweb550257.htm

Neuticles; http://www.neuticles.com/index1.html

nSpend; http://www.nspend.com/data/view/?DataID=509