If you love your pet but do not spend a small fortune on them every year, you are in good company. A new survey shows that baby boomers spend less on their animals than any other generation and the gap is pretty striking.
The Harris Poll surveyed more than 2,100 adults. It found that boomers spend an average of $2,454 on their pets each year. That compares to $6,103 for Gen Z, $5,150 for Millennials, and $3,878 for Gen X.
That is a big difference. But it does not mean our generation loves their animals any less. The survey found that boomers are more likely to have savings available for unexpected bills, so they do not need to take out loans or spread costs across multiple credit cards the way younger owners often do. They also tend to describe their pets as pets, not “fur babies” or “children.”
Still, pet costs are rising for everyone. Researchers call it “Petflation.” Americans spent $158 billion on their pets in 2025, according to the American Pet Products Association, an all-time high. And 77 percent of survey respondents said their pet is “like a child” to them.
A big driver of those rising costs is the vet bill. Veterinary prices have climbed more than 60 percent over the past decade. One reason: private equity firms have moved heavily into the veterinary business. Their ownership of vet offices has grown from 8 percent to 30 percent across the country over the past decade, according to Private Equity Vet.
A 2024 article in The Atlantic noted that private equity firms are pouring billions of dollars into veterinary businesses, recognizing that many Americans will spend beyond their means to care for a sick animal. Mars Inc. — yes, the candy company — is one of the largest owners of vet practices in the country. JAB Holding Company, which also owns Panera, owns more than 1,000 animal hospitals.
Regular inflation is pushing up the price of pet food, medication, and supplies as well.
A separate study from health insurance company Healthy Paws, called Love vs. Limits: The New Economics of Pet Care, found that 62 percent of Americans were willing to take on debt for their pet, and 73 percent said they would give up personal luxuries to cover their animal’s costs.
That same study found that over a typical 12-year pet lifespan, owners spend up to $50,000 on food, vet visits, and grooming supplies combined. That figure does not include emergency surgery or end-of-life care.
The bond between a person and their pet does not come with a price tag. However you care for yours, and whatever you spend, what matters most is the warmth they bring to your days.
