Rising Costs Impact Pet Ownership and Adoption Rates in the U.S.
Pet ownership in the United States is becoming increasingly expensive, according to a new analysis by the Bank of America Institute. The rising costs, particularly in veterinary care, have led to a decline in pet adoption rates and ownership, especially among lower-income households. The U.S. pet market, while still growing, is expanding at a slower pace, with 95 million households owning a pet as of 2025. Spending on pets reached $158 billion in 2025, with a notable increase in veterinary service costs, which rose nearly 6% year over year. This increase is partly attributed to the consolidation of veterinary services by private equity firms, which can reduce competition and drive up prices. The analysis also highlights a disparity in spending among different income groups, with lower-income Millennials and Gen Xers reducing their spending on pet-related goods and services. 
