"Pet ownership was on the rise even before the Covid-19 pandemic; today roughly 70 percent of US households have at least one pet. The share of household income spent on pets has risen significantly, with an estimated $123 billion in 2021. While pet insurance is available, few pet owners have it. Yet many are willing to take on enormous debt for high-priced medical services. In a recent article in The New York Times about the rising cost of pet care, Katie Thomas writes:"
""A generation ago, pet owners with a seriously ill animal may have had little choice but to opt for euthanasia if they wanted to relieve their pet's suffering. Now, they must choose between extending the animal's life and going into what can be debilitating debt or letting an animal die." Thomas spoke to pet owners who were still paying off credit card debt years after their animals had died."
Concentrated billionaire investment and consolidation are targeting the pet-care economy, raising prices across veterinary services, vaccines, and online pet services. Pet ownership now includes about 70 percent of US households, and consumer spending reached an estimated $123 billion in 2021. Few households carry pet insurance, so many owners borrow or use credit to pay for costly medical treatments. Owners frequently face choices between expensive care and euthanasia or relinquishment. Rising costs lead to long-term debt, increased shelter surrender rates, and significant emotional and financial strain on households.
Read at The Nation
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