Despite growing prices and inflation, more Canadians prefer pets than children.
Most pet parents have noticed the impact of inflation on pet-related costs, but this hasn’t stopped them for buying quality products for their furry friends.Kimberlee Reimer / Moment / Getty Images
Pets are preferred over children by a quarter of Canadians, particularly millennials and Generation Zs, due to reduced expenditures.
According to a new survey from Rover.com, the average annual expense for a dog is $660-$4,430 and for a cat is $495-$1,570. Meanwhile, the cost of raising a child in Canada ranges from $10,000 to $15,000 a year.
Despite rising living costs and inflation, many people are altering their spending patterns to benefit their pets.
In a press release, Kate Jaffe, a trend analyst at Rover, said, Like most consumer goods and services around the world, the cost of pet products has climbed in the previous year.
Most pet parents are aware of the impact of inflation on pet-related prices, but this hasn't deterred them from purchasing high-quality items for their animals.
According to the study, 56% of dog owners value nutritious and fresh-ingredient dog food, and 14% are ready to spend more on smart pet tech devices now than they were five years ago
Pets and their well-being aren't discretionary expenses, but rather part of the required family budget, Jaffe says.
According to the study, 70% of dog owners have seen rising pet-related costs owing to inflation. Another 76% expressed anxiety about how much prices will continue to grow over the course of their pet's lifetime.
New difficulties have arisen.
Many individuals resorted to animals for emotional support when the pandemic shut down the globe and drove people to isolate and discontinue social connections.
Approximately 3 million pets entered Canadian households during the epidemic, according to Pet Valu Canada.
However, since the limits have been lifted, about 56% of pet parents have begun using innovative pet care services geared at reducing pet anxiety, such as calming treats, separation anxiety training, and enrichment toys.
Unsurprisingly, more pet parents, particularly millennials and Gen Z, would get a second pet if it wasn't so expensive.