- U-Report
VIVA – Gen Z (those born between the mid-1990s to the early 2010s is more likely than any other generation to invest saved money on their pet than use it to go on vacation, according to a February survey of 2,000 pet owners divided equally by generation.
The results show that only 15% of Gen Z would rather buy expensive concert tickets or go on vacation (30%) with the cash saved, while 42% prefer to save money for unexpected pet expenses.
Gen X echoed the same sentiment – 30% would rather stash their money away for their pet than go on a trip (20%) or purchase a concert ticket (27%).
With Gen Z, 41% are more likely to spend $100 on their pet than on their partner. And, people who are Gen Z admit they get more joy from seeing their pet happy than their partner (36% vs 21%), more than any other generation.
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- Autoevolution
Conducted by OnePoll on behalf of Synchrony, the survey also found that half of the baby boomers (54%) spend less than $150 or IDR 2 million each month on basic pet expenses. This brings pet owners’ yearly spending to about $3,200 or IDR 46 million.
Though pet parents plan for routine monthly expenses like food, training, or vet visits, they also purchase non-necessity items like clothing, toys, or even tech.
In the last year, respondents spent money on at least one unnecessary item, like “a machine that throws the ball for my dog,” “a super nice bed pillow, it was plush and it had fake diamonds,” and “a very large scratching post structure.”
One respondent even “bought (their) dog, Princess, a spa trip for a week.”
Respondents would even give up eating out for a whole year (45%) if it meant free pet expenses for the same amount of time. They’d also forego social media (42%) and streaming services (36%).
Pet parents would go a step further if it meant their pet could live an extra year. They’d give up dating or romance for a year (48%), work for their worst boss again (38%) and give up their paycheck (36%).
"We have found that the total lifetime cost of dog care ranges from $20,000-$55,000. The estimated lifetime cost of cat care is between $15,000-$46,000," Jonathan Weinberg, senior vice president, and general manager for Synchrony Pets, said in a statement.
"Many Gen Z pet owners are first-time pet owners and the cost of caring for a pet can be staggering. Therefore, we want pet owners to have a deeper understanding of what to expect financially and knowledge of the flexible payment solutions available to help them manage their pet's lifetime care costs," he said.
Overall, 53% of respondents believe their pet is more a part of their family than "just" their pet. In addition, 90% of respondents agreed that their pets are more like their own children.
