""I think it's kind of gone on steroids, really," Baty said of the trend of pet parents willing to spend more on their pets. "In consumer insights we get, they spend more on their pet, and they value their pet more than their children," Baty said. "So when you had to rank the order of relationships they have in their family, their dog comes before their partner, their kids, other family members.""
""But for many pet parents, having a dog or cat hasn't just meant carving out an extra $50-$100 per month just for food and toys. Pet parenting has become more of a lifestyle, with people shelling out hundreds of dollars per month for fresh food-and sometimes thousands for special experiences like a Transatlantic flight or curated vacation. This is evidence of a shifting consumer attitude around pets, Nicki Baty, chief operating officer of $3.1 billion dog food brand Freshpet, told Fortune.""
Pandemic adoption surged, adding 23 million American households with cats or dogs and prompting budget adjustments to afford new pets. Pet ownership has evolved into a lifestyle for many, with owners spending hundreds monthly on fresh food and sometimes thousands on travel or curated experiences. Consumer insights indicate some pet parents spend more on pets and place pets above children and other family members in relationship rankings. The rising valuation of pets reflects a strengthened human-animal bond heightened during COVID. The average annual cost of raising a U.S. child approaches $30,000, roughly comparable to a pet's lifetime care costs.
Read at Fortune
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