What are your biggest expenses when it comes to your pet? Food? Toys? Litter box? Puppy pads?
A new survey conducted by LendingTree showed that Americans spend an average of $1,163 a year on their pet. On behalf of the online lending marketplace, Qualtrics surveyed 1,425 Americans across the country.
The money spent each year was not necessarily on the necessities. 28 percent of those surveyed spend money specifically for social media, such as a new outfit for them to share with their friends. Of the people surveyed classified as Generation Z (ages 18-24), that percentage rose to 47 percent.
- 84 percent of those surveyed said they treat their pet as their own child.
- Generation Z spends an average of $1,885 on their pet a year. Millennials (ages 25 to 40) spend $1,195. Generation X (ages 41 to 55) spend $1,100. Baby Boomers (ages 56 to 75) spend $926.
- 45 percent of those surveyed said they would need to go into debt to cover an unexpected purchase of $1,000 or more. Eight percent of those surveyed are currently in debt.
- 98 percent of those surveyed spend money on their pet every month, averaging $86.
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