Almost 30% of pet owners shop for social media posts
CHARLOTTE, North Carolina, September 16, 2021 / PRNewswire / – LendingTree®, the country’s leading online lending market, released its investigation surrounding the financial impact of owning a pet on finances. The survey found that 28% of pet owners spend money on their pets on social media posts, like special dog outfits. Spending on social media was particularly common among Gen Z, with 47% of them reporting spending money on their pets on social media posts.
- 28% of pet owners (and more than 4 in 10 Gen Z and Millennials) spend money on their pets on social media posts, like a special outfit for their dog.
- Pet owners spend on average $ 1,163 per year on food, treats, accessories for social media content and other expenses; Gen Z pet owners spend the most $ 1,885 annually.
- There are ongoing costs associated with owning a pet, as 98% of pet owners spend money on their pet every month, mean $ 86.
- 45% of pet owners would need to go into debt to cover a $ 1,000 emergency pet expenses. In addition, nearly 1 in 10 (8%) is currently in debt for their pet.
- 84% of pet owners said they treated their pet as if it were their own child.
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LendingTree commissioned Qualtrics to conduct an online survey of 1,425 pet owners from August 9-23, 2021. The survey was administered using a non-probability sample, and quotas were used to ensure that the sample frame represented the overall population. All responses were reviewed by researchers for quality control.
We have defined the generations as the following ages in 2021:
- Generation Z: 18 to 24 years old
- Millennium: 25 to 40
- Generation X: 41 to 55
- Baby boomers: 56 to 75
While the survey also included silent generation consumers (defined as those 76 and older), the sample size was too small to include results related to this group in generational distributions.
LendingTree® is the nation’s premier online marketplace that gives consumers the choices they need to be confident in their financial decisions. LendingTree empowers consumers to make smarter financial decisions through choice, education and support. Consumers can compare multiple offers from a nationwide network of over 500 partners in a single search and can choose the option that best meets their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the login experience, consumers receive free credit scores, credit monitoring, recommendations for improving credit health, and notifications when the proprietary algorithm identifies a savings opportunity. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and / or follow us on Twitter @LendingTree.
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SOURCE loan tree