National Pet Day 2024: How much do Americans spend on their dogs each year?

Happy National Pet Day! Forbes reported that sixty-six percent of households in the United States have a pet, and each year millions of furry friends will be spoiled on this special holiday. Currently, millennials lead the country in terms of pet ownership, but all together, 65.1 million households own a dog, and 46.5 million own a cat. Fish are the third most common pet, with 11 million swimming in tanks in homes across the country.

Pet products impacted by inflation

Of course, there are ways to own a pet that is less expensive, but purchasing top-of-the-line food, treats, and toys can quickly rack up the dollars. According to Forbes, $136.8 billion was spent on pets in the United States, with the average “essential dog expenses” costing $1,533 per year. Around 65 million households are home to a dog, and as the most common pet, expenses towards canine friends are one of the largest parts of the market.

According to consumer price data collected by the Bureau of Labor Statistics (BLS) prices have continued to rise since 2022. From February to March of this year, pet product prices rose 0.4 percent, and since last year, they have been up 1.3 percent. Since December 2022, the prices for pet products have shot up nearly seven percent. While these figures are not specific to dogs, they provide a general idea of how prices in this market have been affected by inflation.