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Featured Advisor



Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Consumer Spending Trends: Affluent Households Unleash Spending on their Pets

Affluent pet owners will spend anything for love, but they won't spend on that.

| BY Donald Liebenson


Are the pets of the high net worth the best groomed and trained?

A new survey conducted by Spectrem’s Millionaire Corner finds that pets in the wealthiest households (with a net worth of at least $5 million) are most likely to receive these services. These pampered pooches are also most likely to have access to such amenities as day care or a pet sitter, and regular veterinary or emergency care. They are also most likely to be dressed in sweaters, costumes, or other outfits.

But when it comes to the basics, there is little discrepancy in pet spending, according to consumer spending trends tracked by Millionaire Corner. In fact, pet owners with a net worth of less than $100,000 and those with between $100,000 and $500,000 are slightly more likely than their wealthier counterparts to spoil their companions with treats and toys.

Likewise, net worth is not a factor in an essential such as food.

The highest percentage of Affluent pet owners (30 percent) spends between $500 to $999 a year on their companions, while one-fourth spend between $300 to $499. Twenty three percent spend between $1,000 to $1,999.

It seems pet owners would spend anything for love, but they won’t spend that when it comes to more extreme care. Less than 20 percent (19 percent, 18 percent and 17 percent, respectively) would afford their pets reconstructive knee or hip surgery or chemotherapy. Not surprisingly, pet owners surveyed with the highest net worth would shell out for this special care.

More than half of affluent pet owners surveyed said they would pay for teeth cleaning (55 percent), nail clipping (53 percent) and medication for chronic conditions such as allergies or diabetes (52 percent).

Only 20 percent said they would pay for anti-anxiety medication or anti-depressants, conditions no doubt caused by having to wear those sweaters and costumes.



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.