March 28, 2023—Rover® (Nasdaq: ROVR), the world’s largest online marketplace for loving pet care, today released its True Cost of Pet Parenthood report for dogs and cats. Backed by data and insights from real dog and cat parents throughout Canada, the report aims to help inform new and existing pet parents about the financial impact of pet parenthood–enabling them to plan accordingly whether welcoming home a new dog or cat or caring for pets already at home.
This year’s report reveals that pet parents have noticed increasing costs of pet-related goods and services over the last twelve months. According to the data, the total annual cost of pet essentials ranges between $460 to $3,140 for dogs and $350 to $1,380 for cats, including food, supplies, medical expenses, and other ongoing costs associated with pet parenthood. When it comes to budgeting for pet parenthood, two-thirds (66%) of pet parents expected to spend up to $1,000 on upfront costs of bringing home a new pet (e.g. vaccinations, adoption fees, and essential supplies). Nearly a third (27%), however, reported the actual total cost was higher than expected.
“I hear from pet parents nearly everyday that inflation has had an impact on their wallets, with everything from pet food to treats and toys costing more than they used to,” said Toronto-based Dr. Rebecca Greenstein, Veterinary Medical Advisor for Rover. “People are undoubtedly cutting costs where they can in today’s economic environment, but interestingly enough, the trade downs and cuts largely don’t apply to the health of their pets. People are still prioritizing the wellbeing of their dogs and cats when it comes to spending.”
The True Cost of Pet Parenthood report includes unique data from 720 pet parents across Canada who have experienced the realities of pet parenthood with either a new or existing canine or feline family member. Key findings from the report include:
- Pet parenthood is priceless: Half (50%) of Canadian pet parents agree there is no amount of money they would accept if it meant they could never have a pet again, another one in four (26%) say it would take $1 million or more for them to give up pets forever.
- The ultimate return on investment: 84% of pet parents say their pet brings them the most happiness out of everything they spend money on.
- Would you rather? Half (50%) of pet parents would rather go without their morning latte, forever, than give up their pet.
- Food for thought: A vast majority of pet parents (88%) report being most impacted by rising prices of pet food, and 32% have cut back on their grocery bill to provide for their pet.
- Social media influences pet purchases: Facebook (53%) is the most influential platform when it comes to spontaneous pet purchases –Instagram (38%) trails closely behind, followed by TikTok (32%), Pinterest (20%), and Be Real (9%). When broken out by generation, Facebook remains the most popular with Baby Boomers (65%) and Gen X (50%), while Instagram is the leading platform for driving pet purchases from Millennial (52%) and Gen Z (52%) pet parents.
- Dogs and cats are our bosses: Over a quarter (26%) of pet parents would consider a lower paying job if it were pet friendly.
- Dogs like to vacation too: The majority (55%) of dog parents choose pet-friendly vacations in order to cut down on pet care costs.
Around 31% of Canadian pet parents have noticed an increase in pet-related spending and claim to have observed more significant changes in costs to food and treats, toys and vet care. Rover’s True Cost of Pet Parenthood report aims to help pet parents understand the financial responsibilities associated with getting a pet, to help them confidently provide safe and loving care.
For the full report on the True Cost of Pet Parenthood in 2023 and expert insights from Rover’s Pet People Panel, please visit here for dogs and here for cats. The True Cost of Pet Parenthood in 2023 report was developed by Rover in March 2023. Results are based on a Rover.com survey of 700 Canada based pet parents.
About Rover
Founded in 2011 and based in Seattle, Rover (NASDAQ: ROVR) is the world’s largest online marketplace for loving pet care. Rover connects pet parents with loving pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. Millions of pet parents have booked a service on Rover across North America and Europe