Over six out of 10 American households own a pet, according to the American Pet Products Association (APPA). And pet costs consume a significant portion of many people's budgets. U.S. households spend on average $770 a year on pets, according to the Bureau of Labor Statistics, and the APPA estimates the pet industry contributed $217 billion in annual GDP in the U.S.
Multiply the monthly cost by the typical lifespan of your pet, and you’re talking serious money. However, many people “underestimate the lifetime cost of owning a pet,” said Brandi Hunter Munden, a spokeswoman for the American Kennel Club. “From emergency vet visits to food to doggy bags, these costs add up.”
