Lending Tree released a recent survey that shows most pet owners admit that inflation is making it more expensive to have a furry companion, while others say they have racked up debt for their pet.
High costs related to inflation are affecting everyone, including pet owners who are finding it tougher to manage the financial weight of having a furry companion. In a new Lending Tree survey, 25% of Gen Zers say they have given up their pets because they could no longer afford it. To gather data for the report, Lending Tree commissioned QuestionPro to conduct an online survey of 1,991 U.S. consumers ages 18 to 78 from July 1 to 8, 2024.
Meanwhile, some pet owners say they have gone into debt for their pet with 68% saying a medical emergency caused it, 64% of owners say they have had an unexpected medical expense for their pet, and only 27% have pet insurance.Pet expenses are also depleting the funds of owners, with varying costs mentioned in the survey. When owners responded to a poll question asking what their biggest expense was, 76% said pet food, 56% said veterinarian services, and 40% said necessary supplies.
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