Rising Pet Care Costs in the U.S.
In 2023, Americans spent $147 billion on pets, leading to financial stress for 91% of pet owners. A proposed bipartisan bill in Congress aims to allow the use of tax-advantaged accounts for veterinary expenses.
| Score | Value |
|---|---|
Scale | 8 |
Novelty | 7 |
Positivity | 6 |
Reliability | 6 |
Actionability | 7 |
Society | 7 |
Journalism | 4 |
Highlights
- Americans spent $147 billion on pets in 2023, according to the American Pet Products Association.
- 91% of pet owners report experiencing financial stress due to rising pet care costs.
- The cost of veterinary services in urban areas increased by 7.6% between August 2023 and August 2024.
- A bipartisan bill is proposed in Congress to allow pet owners to use tax-advantaged health savings accounts for veterinary care.
- 40% of pet owners have gone into debt over expenses related to their pets.
Perspectives
- Many pet owners express concern over the rising costs of pet care, with some going into debt to cover veterinary expenses, highlighting the financial burden of pet ownership.
- There is a growing legislative effort to provide financial relief for pet owners through tax-advantaged savings accounts, reflecting recognition of the financial challenges faced by pet owners.