Market researchers from Alpha Wise conducted a survey of US households. According to this, 66 per cent of the respondents had at least one pet; the average was 1.7 pets per household. 29 per cent even said they put the pet's needs before their own. The survey results indicated that 65 per cent of 18-34 year old respondents plan to get a pet in the next five years. AlphaWise predicts that the number of pet owners will increase by 14 per cent by 2030.
As a result, Morgan Stanley analysts project that average annual household spending per pet will increase from 980 dollars in 2020 to 1 292 dollars in 2025 and 1 909 dollars by 2030. US households earning more than 70 000 dollars and the so-called baby boomers increased their spending by 25 per cent in the first half of 2020.