A recent report shows that consumer spending on durable goods and services is on the rise. But with October being the American Humane Association’s Adopt-A-Dog Month, we wanted to give a shout out to the love and care of our furry friends, which is helping drive the U.S. economy. In fact, pet spending is projected to be at an all-time high in 2014 at $58.5 billion. Our Bluefin team member’s adopted chihuahuas, Baby and Chelsea, say thank you for that.
According to the 2013-2014 APPA National Pet Owners Survey, 68% of U.S. households own a pet, which equates to 82.5 million homes. This is up from 56% from 1988. And yes – 32% of today’s dog owners take their pets with them in the car when traveling two or more nights a week. Pets are our family, and without getting into the level of pampering and care some of these lucky ducks get, it is safe to say that the spending will continue to rise.
But just because pet spending will continue to rise, doesn’t mean pet owners can afford it. Annual pet expenses are costly enough, but just one unexpected illness or injury can literally cost an owner thousands of dollars. Unless there is a large sum of cash under the mattress, Americans will reach for their credit cards to pay for the care of their cherished pet.
Americans’ willingness to spend large sums of money on their pets’ health has fueled both the veterinary and credit card industry to come up with new ways for pet owners to finance veterinary care. Many veterinarians today offer CareCredit, a healthcare credit card specifically for pet health expenses, offering financial options to families needing to pay for treatment now. Pet insurance plans can help cover the costs of an accident or illness and fundraising platforms, like GiveForward and GoFundMe, allow consumers to create their own fundraising page to collect online donations for pet medical care.
If necessity is the mother of invention, the credit card industry will continue to come up with additional financial options for consumers that need the funds to care for their furry friends and still be able to pay the phone bill.
Bluefin provides security and payment solutions to many veterinary offices, animal shelters, rescues, and nonprofit organizations, both directly and through our Independent Software integrations with companies such as eVet Practice.
So if you’re looking for a new furry companion, Baby and Chelsea say don’t forget about adopting (and yes, you can use your credit card for that!).