Rising Costs of Pet Care in the U.S.
The cost of pet care in the U.S. has surged, with Americans spending $147 billion on pets in 2023, leading to significant financial stress among pet owners. Factors contributing to the rising costs include inflation, private equity consolidation of veterinary practices, and increased expenses for veterinary services.
| Score | Value |
|---|---|
Scale | 8 |
Novelty | 5 |
Positivity | 3 |
Reliability | 8 |
Actionability | 4 |
Society | 7 |
Journalism | 5 |
Highlights
- Americans spent $147 billion on pets in 2023, including $38.3 billion on vet care.
- The cost of veterinary services rose 6.2% from July 2023 to July 2024.
- Senators Warren and Blumenthal attribute rising vet care costs to private equity firms consolidating veterinary practices.
- Veterinary care costs have increased by more than 60% over the last decade.
- 91% of pet owners report experiencing financial stress due to the cost of pet care.
Perspectives
- Senators Warren and Blumenthal argue that private equity firms are responsible for the rising costs of veterinary care by consolidating practices and prioritizing profits over quality of care, which has led to increased prices for pet owners.
- Veterinarians express empathy for pet owners but highlight the financial strain on their profession due to high education costs and the increasing expenses of running veterinary practices, which contribute to the rising costs of care.