CHARLOTTE, N.C., Sept. 16, 2021 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, released its survey surrounding the financial impact owning a pet has on finances. The survey found that 28% of pet owners spend money on their pet for social media posts, such as a special outfit for their dog. Spending for social media was especially common among Gen Z, with 47% saying they spend money on their pet for social media posts.
28% of pet owners(and more than 4 in 10 Gen Zers and millennials) spend money on their pet for social media posts, such as a special outfit for their dog.
Pet owners are spending an average of $1,163 per year on food, treats, props for social media content and other expenses; Gen Z pet owners spend the most, shelling out $1,885 annually.
Pet ownership comes with continuous costs, as 98% of pet owners spend money on their pet every single month, averaging $86.
45% of pet owners would have to take on debt to cover a $1,000 emergency pet expense. Additionally, nearly 1 in 10 (8%) are currently in debt for their pet.
84% of pet owners said they treat their pet as if it were their own child.
LendingTree commissioned Qualtrics to conduct an online survey of 1,425 pet owners from Aug. 9-23, 2021. The survey was administered using a non-probability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
We defined generations as the following ages in 2021:
Generation Z: 18 to 24
Millennial: 25 to 40
Generation X: 41 to 55
Baby boomer: 56 to 75
While the survey also included consumers from the silent generation (defined as those 76 and older), the sample size was too small to include findings related to that group in the generational breakdowns.
About LendingTree LendingTree® is the nation's leading online marketplace that connects consumers with 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 one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the logged-in 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, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.