top of page
Search

🐾 The Price of Paw-renting: Americans Are Cutting Back on Pet Spending

May 29, 2025 | Personal Finance & Lifestyle | Presented by ReadySetLoan


It turns out even our four-legged best friends are feeling the pinch.

According to a new report from the Bank of America Institute, American households—especially younger ones—are tightening their leashes when it comes to pet-related expenses. Despite nearly 94 million U.S. households owning at least one pet (with dogs leading the charge), the data shows a subtle but meaningful shift: spending at pet stores is down roughly 4% compared to last year.


Why? Inflation, lifestyle changes, and overall budget consciousness.


🐽 RSL PiggyPoints:

  • 🐾 Millennials are leading the pack in pet ownership, often choosing pets over parenting.

  • 🐾 Pet service inflation is running hot at over 4% year-over-year, while the cost of treats has thankfully remained flat.

  • 🐾 Lower-income millennial households are trading down to more affordable pet food brands.

  • 🐾 Pet care remains a top priority, but discretionary splurges are being put on pause.

  • 🐾 Spending shifts in everyday budgets—whether for pets or people—are increasingly common across the board.


💬 Neil’s Take 🎙

"Just like with mortgages, people are evaluating what truly matters to them. Whether it’s cutting back on pet luxuries or refinancing to save money, the goal is the same—getting the most value for your dollar," says Neil Caron, Area Manager at CMG Mortgage.


🐾 RSL Perspective

At ReadySetLoan, we know that budgeting for your furry companions is part of building a life you love. And just like making smart mortgage moves, pet-parenting is about choosing what works best for you—without sacrificing joy or stability.

If you’re looking for ways to make more room in your budget, a mortgage check-up could be your next best step. Whether it's lowering your monthly payment or exploring programs that free up cash flow, we’re here to help.


ReadySetLoan is your go-to resource for smart homeownership and financial wellness—pets included.


🐾 Don’t forget to sniff out your options at www.readysetloan.com and let us guide you toward a future that’s financially paw-sitive!




Comments

bottom of page