In Dog We Trust: A Look at the Dog Economy

Three in four Americans say they are willing to make personal financial sacrifices for their pets, and when worse comes to worst, it may become necessary. While we can never truly plan for the unthinkable, one in three pets every year will need urgent vet care. When savings are scarce, how are pet parents keeping their fur babies healthy?

In 2018, Americans spent around a total of $72 billion on their pets — that’s more than the combined GDP of 39 countries. But it wasn’t all chew-toys and treats on the shopping list; American pet owners are starting to take the lead on the health and wellness of their pets in efforts to keep their pets living longer and happier as well as alleviating the financial damage that may come along with an emergency. Health insurance for pets is already helping divert the expenses of costly medical procedures from dental and eye surgery all the way up to radiation therapy. By 2022, the pet health insurance industry is set to reach a worth of $2 billion.

Check out this infographic for more insights into the recession-proof pet industry, why prioritizing our pets’ health saves us money, improves pets’ quality of life, and stimulates the economy all at the same time.