If you’ve ever doubted what a huge financial commitment owning a pet can be, the American Pet Association wants to remind you. According to the APPA, a mind-boggling $62.75 billion will be spent by pet owners on their pets in 2016 alone. That marks a 4% increase from last year’s total.
Most of that money was spent on cats and dogs, which make up a large majority of the 312.1 million domesticated pets living across the country. Meanwhile, the chief expense of pet owners in 2015 was food, which cost them a combined $23.05 billion. That’s a lot of Kibble and Bits.
Veterinary care ranked as the second highest expense, with $15.42 billion spent on the health service last year alone. To put into perspective just how lucrative the pet industry has become, 1994 was the first year the APPA began collecting this data and the industry was worth just $17 billion.
While cat and dog owners do end up spending the most money on their pets—$1641 per year to take care of a dog and $1125 to take care of a cat—there are cheaper alternatives. Fish owners can get away with spending just $20 on food annually, which probably explains why they account for more than one-third of all the pets owned in the country. That, and the fact that they won’t ever pee on your couch.
Keep your dog cozy in this Kelly Wearstler Avant Dog House, and let us know how much you spend on your pet.