Pet ownership is still widespread, yet adoption momentum has cooled over the past year, especially for dogs, according to Bank of America Global Research.
Officials said that as household budgets face increasing pressure, the pullback suggests affordability is playing a larger role in decisions to take on the responsibility of pet ownership.
Bank of America credit and debit card data shows that pet store spending varies meaningfully by income and generation, with younger lower-income households trimming spending the most.
The cost of pet services such as veterinary care continues to rise. This leaves overall pet care far more expensive than it was pre-pandemic, and vet visits have fallen as a result of these higher prices. Plus, increasing clinic consolidation by private equity has contributed to driving prices higher, making it increasingly harder for many pet owners, according to BofA Global Research.
Read the full analysis for a more in-depth look at these trends.
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