Synchrony Study Reveals Pet Owners Spend As Much As $55,000 During A Pet's Lifetime

The study is based on findings from 1,200 pet owners and 100 veterinarians and provides consumer insights, verified by veterinary practices, into the lifetime of care cost of dog or cat ownership. The research, conducted on behalf of Synchrony’s pet and vet financial solutions, CareCredit and Pets Best Pet Insurance covered an exhaustive list of dog and cat expenses, from first-year expenses (spaying/neutering, vaccinations, pet supplies) to food and health insurance, to end-of-life expenses.

According to the American Pet Products Association, 90.5 million U.S. homes now include a pet, and in 2020 alone, $103.6 billion was spent on pet care. The Lifetime of Care research revealed dog owners can expect to spend between $1,300 - $2,800 and cat owners approximately $960 - $2,500 in the first year alone.

“Millions of Americans choose to share life with a pet, yet the true cost of ownership has historically been incredibly vague. Our Lifetime of Care study serves as a helpful tool to prepare prospective pet parents,” said Jonathan Wainberg, senior vice president and general manager, Pet, Synchrony. “We want pet parents to have a deeper understanding of what to expect financially, and knowledge of the flexible payment solutions that are available to help them manage the costs of care throughout their pet’s lifetime.”

With one in five households acquiring a new pet during the pandemic, Synchrony sought to build further awareness for the options that can help pet owners be financially prepared, from pet insurance like Pets Best, to pet care credit cards like CareCredit.

“Veterinarians often see pet parents struggling to balance the care their pet needs with what they can afford,” said Peter Weinstein, owner of PAW Consulting, author and veterinary industry leader. “This new study provides us a comprehensive look at the true costs of pet care so we can arm our clients with the information and financial solutions they need to care for their pets for a month, year and an entire lifetime.”

For more than 20 years, CareCredit has been a valuable financing option for all types of veterinary services, treatments, and diagnostics, giving pet owners peace of mind that they are ready to care for their pets throughout their lifetime. CareCredit is recommended by the American Animal Hospital Association and is a Preferred Partner for the American Veterinary Medical Association. CareCredit is currently offered in more than 24,000 veterinary practices across the U.S.

Pet parents looking for a flexible way to pay for their animal’s care can quickly see if they prequalify for the CareCredit credit card in real time (with no impact to their credit score) and apply on any smart device, in a veterinary practice, or over the phone. A credit decision is immediate and if approved, they can use their account to pay their veterinarian immediately. Pet owners can select from short-term and long-term financing options including deferred interest if paid in full within 6,12,18 or 24 months and reduced APR with fixed monthly payments for 24, 36, 48 or 60 months. Additionally, CareCredit offers a user-friendly online calculator that makes it easy for pet owners to quickly estimate monthly payments based on available financing options.