Americans are spending more money than ever on their pets. According to a recent study by the MarketWatch Guides team, the average U.S. dog owner spends about $28,801 on a dog over the pet's lifetime (assuming an 11-year lifespan).¹

Because pet needs may vary based on breed, the data collected is on the cost of owning a Labrador retriever (the most popular dog in the U.S.).

Experian reports that average credit card balance among U.S. consumers was $6,730 as of Q3 2024 and grew 8.6% to reach $1.16 trillion.²

Forbes Advisor’s latest survey reveals that more than one in four Americans (28%) have savings below $1,000. This is the case for 32% of Gen Zers, followed by Millennials at 31%, Gen X at 27% and Baby Boomers at 20%.³

Forbes Advisor conducted a deep dive into the latest available pet owner statistics to determine that Millennials make up the largest percentage of current pet owners (33%), followed by Gen X (25%) and baby boomers (24%).⁴

By helping pet families plan for costs, embracing a spectrum of care, and exploring innovative care models, veterinary teams can play a pivotal role in improving access to care for all pets.⁵