When I’m preparing to write an article, I find the most difficult part is to find a good subject. I sometimes use a recent client question or recent news. In this instance, I’m going to write about how expensive it is to have kids… furkids, that is. Anyone who knows me knows I love dogs so excuse my indulgence.
My husband and I were never lucky enough to have children so our four-legged “kids” got all the benefits. (Honestly, sometimes I think I should come back in my next life as my pet.) I see the same happening with both young adults who are cohabitating and empty nesters. Our animals become part of the family. According to a 2017-2018 APPA National Pet Owners Survey, 68 percent of U.S. households own a pet with a whopping 60.2 million households owning a dog.
The cost of owning a pet is high and so is the time that is needed. The cost of dog breeds varies by size, type and desires. A 2017 study from two veterinary students from the University of Pennsylvania School of Veterinary Medicine, Kelly Giffear and Brittany Scott (referenced from AKC), estimate the average lifetime cost of raising a dog is $23,410. Of course, costs also vary by what kind of dog you purchase. The most expensive purebred dogs to purchase are estimated as the English Bulldog ($9,000), Tibetan Mastiff ($8,000) and Samoyed ($3,000). Purebred dog prices can vary based on the pedigree.
It is important to note that there are many wonderful animals waiting to be adopted from our local shelters such as PAWS, Pets Come First, and Fonda’s Foundlings.
Regardless of where you find your new furry family member, there will be medical expenses. Different breeds tend to have different medical costs. Larger breeds tend to cost more over time, with a Bernese Mountain Dog and Newfoundland topping the list.
The final determination of cost is how much the ‘parent’ is willing to spend on their pet. My husband and I have always had Labrador Retrievers and the cost varied with each one. Our yellow Lab lived the longest at almost 15 years. During her lifetime, she had an ACL injury, to which Labs are prone, and required surgery in Pittsburgh. She also got water diabetes and required expensive eye drops monthly. As she got older, she would wander off so we purchased a fence. She also had treatment for arthritis her last several years. In the end, I would do it all over so she could have the best life, but it wasn’t inexpensive. As one of my clients said, we are ‘dinks’ (double income, no kids). This means we aren’t paying for college or diapers so we could afford what our dogs needed.
With pets being treated as part of the family, companies took notice. In 1994, the U.S. pet industry expenditures totaled $17 billion. By 2016, that number grew to $66.75 Billion. The world’s top pet food companies reside in the United States and start with Mars Petcare Inc. with annual revenue of $17.2 billion, and which makes Pedigree Petfoods. It is the sixth-largest privately held company in the U.S. and also makes Orbit Gum, Snickers, Twix and M & M’s. Nestle Purina Petcare at $11.9 Billion and Big Heart Pet Brands at $2.28 billion in annual revenue round out the top three. Nestlé is the parent of the U.S. based Purina, which features Friskies, Purina ONE, Cat Chow, Dog Chow and Fancy Feast. Nestlé is a Swiss company that is public and trades in the U.S. as an ADR (American Depositary Receipt) under the symbol NSRGY. Automaker Nissan has developed a concept car catering to dog owners, complete with a built-in ramp, an upholstered cargo area, a pull-out water shower and even a two-way dog cam!
Of course, where there is need, a company will fill the vacuum. Pet insurance is in existence to cover your pet from regular check-ups to major medical issues. Nationwide was the first and is the largest pet insurer but many smaller companies exist. The cost is based on the dog’s age, breed and type of coverage. This can add heavily to the annual costs of owning a pet but in a medical emergency, it can help make saving your pet an easier cost to stomach. If you have a breed that tends to have medical issues, it might make sense.
With the advent of dogs as part of the family, pet stores are everywhere: Petco, Petsmart and the various online shops. Our local pet store is Wiscoy, which offers expertise and ice cream socials for dogs in August.
Overall, pets are great companions but also big business. With Millennials taking longer to marry and have kids, the trend of ‘furkids’ looks to continue for the foreseeable future.
