Americans Are Spending More On Their Pets – What Does This Mean For Your Practice?
We Americans love our pets. I read an interesting figure the other day: the American Pet Products Association reported that in 2011, Americans spent $50.96 billion – that’s billion with a b – on their pets. It’s the first time in history that our country’s pet spending has crossed the $50 billion threshold.
According to the APPA report, most of the spending was on basics like veterinary care and food. However, between 2010 and 2011, there was an increase in spending on services like grooming, boarding, pet hotels and doggie day care to the tune of $280 million.
With owners spending more on discretionary services for their pets, I’m wondering whether they’re also engaging in more long-term thinking about their pets’ well-being.
Have you seen an increase in the number of clients asking you for pet trusts and other pet planning services? Even if clients have not been asking you for pet trusts, do you think the APPA report points to an untapped demand in your community for pet planning services? How have you made clients and prospects aware of the planning options available to them? Seems like a good time to help all the animal owners in your community!
Sanford M. Fisch
CEO & Co-Founder
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (858) 453-2128