Americans are passionate about their pets! As of 2024, 66% of U.S. households—equivalent to 86.9 million homes—own at least one pet, making the United States the global leader in pet ownership. With animals playing an integral role in family life, this growing trend underscores the deep bond between people and their beloved furbabies.

The humanization of pets has fueled significant growth in the U.S. pet industry, which saw a major surge during and after the COVID-19 pandemic. The American Pet Products Association (APPA) estimated that total pet product sales will reach $150.6 billion in 2024, marking a 2% increase over 2023’s sales of $147 billion. This growth is largely attributed to consumers’ increasing preference for premium pet care. However, while industry data reveals overall spending patterns, it offers limited insight into the specific decision-making processes of pet owners. To address this gap, our survey of 100 consumers explored how they view their pets and their associated spending habits. 

Key Findings:

When finding a pet, adoption is the preferred choice. A heartwarming 71% of respondents adopted their pets from a rescue or shelter. Most households care for one or two animals, with dogs and cats being the most common. However, pet ownership is becoming increasingly diverse, with some households caring for fish, horses, reptiles, and even a rising trend in rodents—ranging from ferrets and guinea pigs to the occasional squirrel.   

Pet budgets are increasing. Two-thirds of pet owners now incorporate their animals into financial planning—a necessity given rising costs. Our survey respondents ranked pet wellness, premium foods, and accessories as their top spending categories. This prioritization comes as pet-related expenses continue to climb due to both increasing care standards and external factors like tariffs on imported products. The financial impact is substantial: according to Colliers Research, U.S. households were projected to spend $1,012.21 per month on pets in 2024, nearly double the amount spent on childcare. Consumer behavior shows a 3.33% increase in pet store visits, with Gen Z and Millennials leading spending trends.

Pet wellness and healthcare are top priorities, and animal welfare remains a major concern for many pet owners, particularly those facing unexpectedly high veterinary costs. Routine exams, dental care, and emergency treatments—such as cancer care, specialty medications, and surgeries—make up the highest spending category for pet guardians. As these costs rise, more owners are turning to insurance for financial protection. Inflation is a key driver, with nearly 90% of pet owners reporting increased expenses, leading some to consider going petless. Meanwhile, 37% have gone into debt for their pets. The U.S. pet insurance market, projected to grow at a CAGR of 20.98%, is expected to reach $15.71 billion by 2030.

The veterinary services landscape is evolving in response to this demand. While leasing in retail real estate saw substantial growth from 2018 to 2023, it declined sharply by 72% in 2024, suggesting market saturation and economic caution. Despite this recent slowdown, major networks continue to expand their footprint. Mars Veterinary Health—which operates Banfield, BluePearl, and VCA—is growing to meet increasing pet care needs, while online retailer Chewy is venturing into brick-and-mortar services with Chewy Vet Care clinics planned for Florida, California, and Texas. Independent providers are also responding, with facilities like DoveLewis in Oregon adding a 30,000-square-foot facility and Freeport Veterinary Hospital in Maine now offering same-day urgent care. These developments underscore the industry’s commitment to improving access to quality healthcare for the growing population of beloved family pets.

Shopping habits blend online and in-store experiences for essentials. The majority of our respondents prefer a mix of online and in-store shopping for pet food, accessories, and other products. Many value the convenience of online shopping, while others appreciate the ability to see and select products in person. Big-box stores like Petco and PetSmart, each with 1,500 locations, hold the largest market share for in-store pet retail. However, they face competition from boutique, personalized pet shops and the popular online retailer Chewy (and Amazon, too) for market share.

Pets as Family: The Rising Trend of Extravagant Purchases

As pets become more like children in the eyes of their owners, unexpected and lavish spending on their well-being has surged. From luxury accessories to advanced healthcare, pet guardians are splurging on their pets as if they were family members. Some pet guardians splurge on unique or high-end items, even if their pets don’t end up using them. Notable purchases included a giraffe-shaped cat condo and an orthopedic dog bed that went unused. Premium human-grade pet food was also high on the list as consumers are increasingly interested in providing their pets with healthy, nutritious, and organic food. In addition to grooming maintenance and CBD supplements.

Despite social media hype around smart pet tech—from automated feeders to self-cleaning litter boxes—most pet owners (56.8%) don’t see these as essential. When they do invest in pet technology, interactive robotic toys rank just below specialty foods and treats in terms of spending.

Colliers Retail Professionals & Their Pets: By the Numbers

Colliers Retail professionals aren’t just industry experts—they’re passionate pet owners, too!

Colliers Insight
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