Read our full analysis for a more in-depth look at these trends.
Best in show: U.S. pet ownership
Who is spending the most on our four-legged friends?
May 2025
Key takeaways
- The U.S. is a nation of pet lovers. In fact, nearly 94 million households own at least one pet, according to the American Pet Products Association (APPA). Dogs are in the lead, but cats are on their tail.
- The price of pet food and pet services rose sharply over the last five years according to Bureau of Labor Statistics (BLS) consumer price data. While pet food inflation has come down to close to zero in April 2025, inflation in pet services (including vets) remains relatively high.
- In Bank of America aggregated credit and debit card spending data, it appears that spending growth at pet stores and direct vet spending is running below these inflation rates. In our view, households may be economizing on pet food by 'trading down' or shopping at the grocery store, while the growth in pet insurance may be mitigating vet spending.
- Looking across the country, in the first four months of the year, Seattle and San Francisco appear to spend more on pets relative to the U.S. average, while cities in the south have below-average spending. We doubt Southerners love their four-legged friends less — we think these differences likely reflect the general costs of living across the country.
Get the latest from Bank of America
Institute delivered right to your inbox.
