Pets causing financial woes for millennials
FOX Business’ Lauren Simonetti and Cheryl Casone break down a recent study on pet-related debt.
Americans' love for our four-legged friends has generated a more than $70 billion-a-year industry, according to statistics obtained by the American Pet Products Association.
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With expenses such as food, vet care and the purchase of their pet, humans doled out roughly $72 billion in 2018. That number is expected to swell to upward of $75 billion in 2019. That number surpasses the $45 billion pet owners spent a decade ago.
Globally, however, the pet care industry is worth more than $100 billion and is continually growing with more than 67 percent of U.S. households owning a pet, which equates to roughly 84.9 million homes, according to the 2019-2020 APPA National Pet Owners Survey.
MILLENNIALS RACK-UP MORE DEBT FROM PETS, VETS THAN ANY OTHER GENERATION