Covid re-shaped the behavior of humans all over the world. It increased home improvement, pajama wearing, alcohol sales and pet ownership. Based on the Twitter, Instagram, and Facebook gifs, it would appear that our country is now overrun with cats doing cute and unusual things. Yet, as Lee Corso would say, “Not so fast my friend.”

When owners of dogs, cats, gerbils, salamanders, goldfish, toucans, rabbits, chickens, and pot-bellied pigs were recently surveyed, dogs and cats still ruled the roost. Moreover, in the United States, 74% of pet owners own a dog! Obviously, a good portion of those dog owners also own at least one cat since 74% + 47% = 121%. The following chart shows this trend across other countries as well.

Americans win the prize as pet owners in general. Japanese citizens must have found other ways to maintain companionship during the Covid pandemic, although I note that cat ownership there doesn’t lag far behind the U.S. In fact, cat ownership is consistent worldwide – between 40% to 50%. The variance comes with dogs. Americans clearly love their dogs! Germany and Japan don’t reflect the same degree of preference.

What does this mean in terms of human behavior? A pre-pandemic survey indicated that 61% of U.S. households owned a pet. First, there’s the cost of acquisition. In 2020, almost 40% of dogs were acquired at no cost. The other 60% averaged around $500 with 6% costing over $750. I suspect inflation has raised those numbers.

The real cost is in maintenance, food, furniture, veterinarian bills, boarding and dog walkers. I suspect this may account for the ownership differential in more congested areas like Japan. As wide open as parts of our country happen to be, some of these costs are minimized.

For most of us, pets are part of our family. They bring comfort, companionship, entertainment and due to shorter lifespans, demonstrate the cycle of life. I clearly remember each of my pets. And in the challenging period of the pandemic, I suspect that they made a huge difference in people’s ability to cope with all the uncertainty and stress. Regardless of their cost they are a blessing!

Rick Adkins, CFP®, ChFC, MBA

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