How Inflation Has Affected Veterinary Care
Veterinary care hasn’t been spared from rising costs in recent years. While many people have been preoccupied with sticker shock at the grocery store or new insurance premiums, the veterinary industry has had to contend with rising prices, too.
There are some relatively simple reasons for that. For one, veterinarians have needed to pay more for just about everything — from supplies, to staff members. As a result, customers end up paying more, too. It’s more or less the same dynamic in any other industry. But there are some other things at play in the veterinarian and animal care industry that are driving prices up.
And here’s the hard data: Between June 2023 and June 2024, average costs for veterinary services were up 6.4%. That’s higher than the rate of inflation overall. And it puts pet owners in a difficult position. A survey published by USA TODAY Blueprint from February 2024 finds that 91% of pet owners “say they’ve experienced some degree of financial stress in the past year related to the cost of pet care.”
Why Veterinary Costs Increased
Start here: More people are willing to spend more money on their pets these days than ever before. This year, pet owners are expected to spend $150.6 billion on their animals. That’ll be up from $147 billion last year, and $136.8 billion the year before that. And it’s up a whole lot from the $90.5 billion they spent in 2018. So, there’s the fact that people are spending more, and willing to do so.
That’s opened the door to a number of companies selling pricier foods, toys, and other pet products — those companies know that people will spend, so they’re creating products to fill the demand.
Then, add in all the new technology that’s helped improve veterinary clinics and outcomes. There are numerous advances that have helped veterinarians improve and prolong pets’ lives in recent years, and that includes the specialists who help those pets, too.
There are a few other factors in the mix, too, but in a general sense, overall prices for…everything…increasing has led to cost increases in the veterinary business, too.
Inflation is a drag, but luckily, prices are moderating. If you have questions, we’re always happy to discuss our pricing, and work with you to find an insurance plan, payment options or assistance, and more.
Contact us to make an appointment today!
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