The results revealed that Gen Z is more likely to invest money they had saved on their pet than to use it for a vacation, only 15% of the Gen Z respondents would rather purchase a concert ticket, while 30% would rather go on vacation, and 42% reported preferring to save money for unexpected pet expenses.
The findings also revealed that Gen Xers pretty much share the same sentiment with 30% of those respondents reporting that they would rather save their money to use on their pet, 20% would rather go on vacation, and 27% would rather purchase a concert ticket.
To add to this 41% of the Gen Z respondents report being more likely to spend $100 on their pet than on their partner, and 36% admit to getting more joy from seeing their pet behaving happily than seeing their partner happy (21%), this was higher than any other generation.
54% of the Baby Boomer respondents report spending less than $150 a month on basic pet expenses with a year’s average of around $3200. Respondents report planning for routine monthly expenses like food, training, and vet appointments, but they also regularly purchase items that are non-necessity such as toys, clothing, and even some tech for their pets.
Respondents report that they have spent money on at least one unnecessary item in the past year for their pet, such as a machine that throws the ball for their dog, or a super nice plush bed pillow embellished with fake diamonds, and a very large cat scratching post activity structure. One respondent even reported purchasing their dog a week-long spa trip.
45% of all respondents reported that they would give up dining out for an entire year if it meant receiving free pet expenses for the same amount of time, 42% would also give up social media and 36% would give up streaming services for the same benefit.
If it meant that their pets could live an extra year 48% of all respondents would give up dating or romance for a year, 38% would work for their worst boss again, and 36% would give up their paycheck. 49% of Millennials reported that they would brave the elements and sleep outside in the snow to give their pets an extra year of life.
“We’ve found that the total cost of care for a dog over a lifetime ranges from $20,000-$55,000. The estimated cost of care for a cat over a lifetime was between $15,000 – $46,000,” says senior vice president and general manager of Synchrony, Jonathan Wainberg, in a statement. “Many Gen Z pet parents are first-timers and the costs to care for a pet can be surprising. For that reason, we want pet parents to have a deeper understanding of what to expect financially, and knowledge of the flexible payment solutions that are available to help them manage the costs of care throughout their pet’s lifetime.”
It may come as no surprise to find out that 90% of all respondents agreed that their pets are like their children, and 53% of all respondents believe that their pet is more a part of their family than their childhood pet was.
“Millions of Americans choose to share life with a pet, and we want to help them balance the care their pet needs with what they can afford,” adds Wainberg. “Whether you choose to splurge on pet gifts or not, it’s important to plan ahead for unexpected costs so you can spoil your pet AND cover the cost of their mental and physical wellbeing.”
