ATLANTA — Pet owners are not holding back on holiday cheer for their furry friends, a new report has found.
Half of Americans are putting their pets on their gift list, planning to spend an average of $137 on four-legged family members this holiday season, according to the SunTrust (NYSE: STI) National Financial Confidence Poll.
“For many people, pets are members of the family, so it’s expected that we would want to include them in the holiday fun,” said Brian Nelson Ford, financial well-being executive at SunTrust. “Our studies show that the holiday season often comes with pressure to overspend. Gifts for pets, friends, neighbors and other obligations can add to the pressure when the spending is unplanned. It’s important to be upfront about what we care about, and build our holiday spending plan to enjoy the memory-making moments of the holidays.”
In the timeless debate of cats versus dogs, the survey finds that dog owners are significantly more likely to buy a gift for their furry friend (59%) compared to cat owners (34%). What are they giving? The most common selections are new treats and toys (65% and 61%, respectively), followed by holiday clothing (19%). Younger pet owners are significantly more likely to buy their pets a gift this season, leading with Gen Z (63%) and millennials (57%), followed by Gen X and Boomers (51% and 46%, respectively).
The SunTrust National Financial Confidence Poll is fielded quarterly and is representative of the U.S. adult population, with 2,500 participating Americans of different ages, incomes and geographic regions. Statistics referenced in this release are from the poll fielded in Q3 2019. The survey defines Gen Z as those born from 1997 on, millennials as those born between 1981 and 1997, Gen Xers as those born between 1965 and 1980, and Boomers as those born between 1946 and 1964.