The cost of pet parenting is soaring

Driving the news: The share of households with a pet has declined in the past two years with the largest shifts among lower-income households.

• Younger pet owners are also paring back expenses, especially on nonessentials such as toys and accessories, the purchasing data shows.

By the numbers: The cost of veterinary services rose about 6% in April, and pet food and treats increased 1% year-over-year.

The big picture: Overall, pet care costs more today than before the pandemic, driven in part by the consolidation of vet clinics owned by private equity firms.

• In Western states, average pet spending often exceeds the national average.
• Denver's spending is nearly 10% higher than the national level.

🤔 John's thought bubble: This explains why a simple nail trim for his pup now costs $25!?