Americans spend $1,133 per year on a pet; costs increase by almost 10 percent

Annual pet care costs increased by almost 10 percent between 2012 and 2014, with approximately 40 percent of costs being preventive and annual medical expenses, according to The Buddy Index, an infographic produced by Carter Financial Management in Dallas.

When it comes to their pets, Americans love, care … and spend. The Buddy Index infographic reveals that:

• Between 2012 and 2014, pet care spending increased by almost 10 percent (8 percent)
• Americans are spending $1,133 per year on their pets
• Between 2012 and 2014, pet expenses were more than 2.5  times the cumulative U.S. inflation rate
• Preventive and annual medical costs represents almost 40 percent of annual pet costs
• Of medical costs, heartworm tests showed the biggest jump in costs—28 percent between 2013 and 2014
• 51.6 percent of all U.S. households own a dog or cat; 57 percent of Millennial households own a dog or cat.

* U.S. Inflation numbers from US Inflation Calculator. Pet medical expenses from an annual review of Banfield Pet Hospital service pricing. Pet lifestyle expenses from an annual review of PetSmart product pricing. U.S. pet ownership statistics fromPetFoodIndustry.com.