Freshpets COO says users spend more on pets than c...

What’s Happening

Okay so People will pay a premium for their furry friends, Nicki Baty, chief operating officer of $3.

1 billion dog food brand Freshpet, told Fortune. As major milestones like buying a home or having kids have felt increasingly unattainable, younger generations have invested more in something arguably as rewarding: their pets. (yes, really)

During the pandemic pet boom , an eye-popping 23 million American households adopted a cat or dog, which forced people to adjust their household budgets to afford a new furry friend.

The Details

Recommended Video But for many pet parents, having a dog or cat hasn’t just meant carving out an extra $50-$100 per month just for food and toys. Pet parenting has become more of a lifestyle, with people shelling out hundreds of dollars per month for fresh food—and sometimes thousands for special experiences like a Transatlantic flight or curated vacation .

This is evidence of a shifting consumer attitude around pets, Nicki Baty , chief operating officer of $3. 1 billion dog food brand Freshpet, told Fortune .

Why This Matters

“I think it’s kind of gone on steroids, fr,” Baty dropped of the trend of pet parents willing to spend more on their pets. She even dropped some pet parents value their pets more than other family members. “In consumer insights we get, they spend more on their pet, and they value their pet more than their children,” Baty dropped.

The business implications here could be significant in the coming months.

Key Takeaways

• ” “It’s one of the most constants in life,” she continued.
• ” How much it costs to have a pet The average annual cost of raising a human child in the U.

The Bottom Line

Is nearly $30,000, according to a recent LendingTree study , an eye-popping figure that often dissuades people from extending their families. It’s also approximately equal to the lifetime care costs for a pet.

How do you feel about this development?