Seven in ten pet parents consider their pets to be family members, although nearly half have underestimated the lifelong cost of care, according to a Synchrony report Approved Tuesday (January 11th).
The report, titled Lifetime of Care, found that grooming costs can range from $ 20,000 to $ 55,000 for dogs and between $ 15,000 to $ 45,000 for cats.
According to the American Pet Products Association, there are now 90.5 million US households contain a pet. Synchrony also found that half of the owners who believed they were financially prepared were not in reality.
In 2020 alone, $ 103.6 billion was spent on pet care, with research suggesting that dog owners could spend around $ 1,300-2,800, while cat owners could spend $ 960-2,500 in the first year.
The pandemic also caused more people to buy pets to keep them company during the lockdown, and Synchrony has been trying to make sure they are prepared. This could include things like Pets Best pet insurance, as well as credit cards like CareCedit, which are geared towards pet care.
“Millions of Americans choose to share their lives with a pet, but the real cost of ownership has historically been incredibly vague,” said Jonathan Wainberg, Senior Vice President and General Manager, Pet, Synchrony. “Our Lifetime of Care study serves as a helpful tool to prepare prospective pet parents.
“We want pet parents to have a deeper understanding of what to expect financially and the flexible payment solutions that will help them manage care costs throughout their pet’s lifespan.”
PYMNTS reported that online pet supply retailer Chewy is testing a new marketplace for veterinarians to help them get better clinic revenues and experiences for pet owners.
See also: Chewy launches marketplace for veterinarians to expand health offering
Chewy will work with the Practice Hub to enable veterinarians to select items to list on the Chewy website. You can set prices, write pre-approved prescriptions, and generate income when customers place an order at the clinic or through the website.
Sumit Singh, CEO of Chewy, said the idea is to help those who don’t regularly take their animals to the vet. With the launch of the new platform, veterinarians will have access to the 20 million retail customers and pet patients will find it easier to find care.