Veterinary costs rank as top financial concern among Canadian pet parents, with pet food placing second, but
Humanization of pets and growth of premium pet products is widening the price gap between low and high end items.
Nearly half of Canadian dog parents have pet insurance and 9 of 10 agree it’s worth the spend
6 of 10 would consider life extending medications for their pets–despite potential added costs
SEATTLE, WA—March 19, 2024—Rover.com, the world’s largest online marketplace for loving pet care, today released its fifth iteration of the True Cost of Pet Parenthood Report for dogs and cats. Backed by data and insights from real Canadian pet parents, the report aims to educate and inform current and prospective pet parents about the financial responsibilities and potential costs associated with caring for cat and dog family members.
According to the report, annual costs for dog essentials can range from $965 to $4,020 a year with a median monthly cost of $210, an increase of $70 on average from 2023. The increase can likely be attributed to the rising prices of pet food, with some dog food brands costing up to 130% more than last year while cat food can cost up to 120% more. Over two-thirds (68%) of dog parents report continued increases in pet-related costs over the last 12 months, though this is down from 85% when asked the same question in March 2023.
“There’s no doubt that inflationary pressures are still weighing on Canadian pet parents and there’s real sticker shock when it comes to getting a new dog or cat in 2024, but one undeniable sentiment – that I see and hear on a daily basis – is that the bond people share with their pets is stronger than ever,” said Toronto-based Dr. Rebecca Greenstein, Veterinary Medical Advisor for Rover. “Pet spending feels much less discretionary these days and closer to the equivalent of spending on our kids and family. Whether it’s pet insurance, high-end dog food or in-home pet care, people are viewing their pets and their wellbeing as necessary expenses – and that’s really encouraging.”
The True Cost of Pet Parenthood Report includes unique data from 500 pet parents across Canada. Key findings from the report include:
Inflationary cost pressures continue as pet inflation outpaces other categories:
- Pet inflation outpacing other categories: 52% of pet parents say the cost of pet specific goods and services has increased more than the cost of other frequently purchased items, like groceries and personal care items.
- Inflationary cost pressures: Canadian pet parents report being most financially impacted by increasing costs of pet food (60%), treats and toys (51%), and vet visits (48%). Other inflationary cost pressures include pet supplements and medications (31%), grooming (28%) and accessories like bandanas or collars (28%).
- Financial worries: Pet parents report being most worried about paying for vet visits. In terms of financial stressors, pet food comes in second place, followed by supplements and medications, treats and toys, grooming and accessories.
- Budget consciousness: 64% of pet parents say they have become more conscious of their spending since inflation started rising over the last couple of years, while 33% say their spending habits haven’t changed despite admitting increasing prices.
Pet spending is now considered a necessary part of the family budget:
- Cut costs, but not on my pet: 34% of pet parents have reduced spending in other areas of their life to make sure they can afford the items and services their pet needs.
- Insurance is well worth it: 44% of dog parents have pet insurance and of them 86% agree it’s worth the added cost. When it comes to cats, 35% have pet insurance, of them 82% agree it’s worth it.
- Financial support: One in ten (13%) dog parents have sought help from a pet shelter or other organization to provide for their pet.
- Pets are a bargain: 13% of pet parents with dogs delayed having children, or decided not to have them at all and got a pet instead, due to the lower total cost.
Pets are priceless as life extending pet meds are in demand, despite added costs:
- A real life-saver: Over half (58%) of pet parents would consider life extending medications for their pets, despite the potential added costs.
- Time is priceless: 20% of pet parents are willing to pay any amount if it means their pet would live an extra year.
For the full report on the True Cost of Pet Parenthood in 2024 please visit here for dogs and here for cats. The True Cost of Pet Parenthood in 2024 report was developed by Rover in March 2024.
Methodology: Results are based on a Rover.com survey of 500 Canada-based pet parents conducted in February 2024 via Pollfish.
Sources: Calgary.ca, Nicole Ellis (CPDT-KA), Rebecca Greenstein, B.Sc., D.V.M., and Andrea Woroch of The Pet People, Petsmart, Pet Valu, Rover, Toronto.ca
About Rover
Founded in 2011 and based in Seattle, Rover is the world’s largest online marketplace for loving pet care. Rover connects pet parents with pet 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. To learn more about Rover, please visit www.rover.com.
Contact:
Kristin Sandberg
pr@rover.com
360-510-6365