Cost of owning a pet

The cost of owning a pet has increased. As a veterinarian, this comes as no surprise to you, but it is important for the success of your business to understand what this means for pet owners in Canada.

Double-digit inflation from 2021 to 2023 (1) gave Canadian consumers a feeling that there was an overall increase in the cost of everything, and each year, they have less money to spend than they did the year before. Veterinary fees and pet care costs across the country have not been immune to this trend. The Ontario Veterinary Medical Association (OVMA) 2024 Ontario Pet Owners Report showed that, for the first time since the inception of the survey in 2003, “reasonably priced services” was the number one consideration in choosing a veterinarian, edging out “interested in pet’s well-being” that had long held the top spot (Figure 1). This is a concern for veterinarians since perceived higher costs and increased price sensitivity can result in lower compliance with prescribed treatments and follow-up visits, potentially leading to poorer health outcomes for pets.

FIGURE 1.

OVMA 2024 Ontario Pet Owners Report: Most important factor in choosing a veterinarian.

Educating your clients on the true cost of owning a pet is key to both maintaining the long-term health of their pets, and building a trusting veterinarian-client relationship. It’s easy for a current or potential pet owner to be flippant about pet care and pet health, and simply not do the math. However, the results of the OVMA 2024 Pet Owner Survey indicate 30% of pet owners have a household income of $50 000 to $100 000, whereas the 2024 cost of owning a pet indicates that new puppy owners can expect to spend over $5000 in the first year. That means some pet owners could spend between 5 to 10% of their household income on their new pet. Knowing the cost ahead of time can help them prepare their finances.

Providing material outlining the annual cost of owning a pet in an easy-to-read format can help inform current and potential pet owners about what they might expect to spend to keep their pet healthy and happy. You can see the national weighted average of the cost of owning a puppy, kitten, dog and cat in Table 1. These numbers include a few assumptions, including feeding the pet RX diet food, annual dentistry services, and pet insurance.

TABLE 1.

National average of cost of owning a pet.

	Puppy	Kitten	Dog	Cat
Total Annual Cost (with neuter)	$5003.77	$3577.16	$4405.24	$3100.56
Total Annual Cost (with spay)	$5088.06	$3728.50	$4405.24	$3100.56
Veterinary care
Heartworm/flea/tick prevention	$214.33	$158.40	$272.20	$158.40
Exams with vaccines	$550.44	$550.44	$195.61	$195.61
Deworming medication	$74.47	$74.47
Faecal exams	$119.73	$119.73	$59.87	$59.87
Annual heartworm/Lyme test			$106.13
Annual wellness profile			$178.28	$175.89
Microchip	$92.61	$92.61
Spay	$977.88	$844.46
Neuter	$893.59	$693.12
Professional dental care			$826.32	$818.35
Chow time
Food	$866.15	$673.80	$1417.76	$773.33
Bowls	$43.18	$43.55
Litter box and litter		$299.44		$233.44
The essentials
Obedience classes	$544.44
Collar and leash	$54.44	$21.78	$52.40	$20.96
Dog bed	$76.22	$54.44
Toys	$81.67	$92.55	$78.60	$49.00
Crate	$174.22	$87.11
Annual license	$31.28	$15.71	$31.07	$15.71
Pet insurance	$1187.00	$600.00	$1187.00	$600.00

Having infographics with information like the cost for food, treats, toys, and veterinary care in your office, on your website, or even on social media accounts are useful ways to communicate the cost expectations. It could also provide an opportunity to educate your clients on the annual care expectations associated with pet ownership. For example, new pet owners may not understand the benefits of dentistry as part of annual veterinary care for your pet and its effect on long-term health.

Talking about costs can feel awkward, but research shows that being upfront about costs is appreciated. Respondents in the survey indicated the most common way their experience could be improved at their veterinary clinic was for their veterinarian to discuss costs prior to treatment (Figure 2). Being proactive when it comes to communicating costs also eases the burden on staff, who are often left to deal with price-sensitive clients at the reception desk.

FIGURE 2.

OVMA 2024 Ontario Pet Owners Report: What could your veterinarian have done to improve you and your pet’s experience at the veterinarian?

Understanding and addressing the rising costs of pet ownership is crucial for veterinarians looking to maintain strong client relationships and ensure the long-term health of their patients. Providing resources like infographics can help clients make informed decisions and budget for their pets’ needs. This transparency not only fosters trust but also enhances client satisfaction by aligning expectations with reality. Ultimately, being upfront about costs can lead to better health outcomes for pets, happier clients, and a more successful veterinary practice.

As the cost of pet ownership continues to rise, veterinarians must seek out creative ways to ensure pets are still receiving the care they need. Education is the first step, and showing clients what the annual costs might be is a great way to leverage strategies like recommending pet insurance to offset higher cost emergencies and offering annual wellness memberships paid monthly to help clients manage cash flow.