Or, why it’s good to be the dog of a senior corporate executive. Learn more about pet ownership among the nation’s corporate leaders.
The corporate culture is said to value loyalty. That may explain why the nation’s senior corporate executives lavish so much money on their dogs.
More than 56 percent of senior corporate executives own pets – about 20 percent have three or more – and the animals are most likely to be dogs, according to the latest monthly survey from Millionaire Corner.
Dogs are the most popular pets in the United States, according to the most recent data from the American Pet Products Association, but senior corporate executives appear to have an especially soft spot for them. More than 70 percent of executives indicate that their pet is a dog, compared to 46 percent of Americans as a whole. Less than one-fourth of executives own a cat. Our results also indicate that executive households contain no rabbits, guinea pigs, hamsters, gerbils, birds or snakes. You may find a few fish tanks here and there. About 3 percent of executives report having fish as pets. And - at the other end of the pet scale – about 3 percent indicate they own horses.
Nearly one-fourth of executives report say they spend $2,000 or more each year on their pets (compared to 11 percent of investors as a whole) and more than 40 percent spend $500 up to $2,000, according to our November survey of 1,195 investors. What pet products and services are executives purchasing?
All purchase pet foods. (Not all pet owners do.) And a large share of executives (85 percent) buys treats and toys for their pets, and gives their pets regular veterinary care (85 percent). More than half (56 percent) have their pets professionally groomed and more than one-fourth (26 percent) pay for emergency medical care. Fifteen percent of executives indicate they buy “sweaters, accessories, outfits and costumes for their pets” and 9 percent pay for training services.
An executive’s devotion to his or her pet is so vast, that 30 percent would consider spending money on reconstructive knee surgery for their pet (compared to 17 percent of investors as a whole), and 26 percent would pay for reconstructive hip surgery, according to our research . One-in-five would pay for chemotherapy treatments, and half would purchase allergy medication and other prescriptions for chronic conditions. About 62 percent would pay for teeth cleaning, and 9 percent would consider paying for anti-anxiety and anti-depressant prescription drugs for their pets.
The only group more willing to treat their pets medical needs are business owners, according to our research. Seventy percent would treat their pets’ chronic conditions, such as allergies, and one-third would consider buying their pets anti-anxiety and anti-depressant drugs.
How do the nation’s executives and businessmen compare to the nation at large? According to the most recent American Pet Products Association (APPA) survey, 62 percent of U.S. households own a pet. They are expected to spend $52.9 billion on their pets this year, with $20.46 billion going to food, $13.59 billion to vet care and $4.11 billion to grooming and boarding.
Why do executives – and the rest of Americans – spend so much on pets? The rewards are numerous, according to the APPA. Pets help to lower blood pressure, reduce stress, prevent heart disease, lower health care costs and fight depression.
No wonder executives are so appreciative. How else do they show it? According to our September survey, more than 20 percent plan to buy their pets a holiday gift this year.