a trust rather than fit the various jobs. i mean with the artificial intelligence real summoning the theme in the robot must protect his phone. existence was on the the the

guns. there was a german shepherd who inherited $400000000.00, then called lagerfeld catch you pet, was less than $1500000.00 when he passed of these beloved pets made the headlines as people couldn't believe that such wells would be bequeathed to him or pets. but pets are becoming more than just the typical family. pet waits on you. today. they're viewed as companions part of the family for babies. i'm christy on your watch, a, the cost of everything. where today we're going to be talking about the rise of for babies and the pet industry. boom world wide. what causes phenomena? and is everybody on board with this trend?

coven 19 locked down, for many people to spend most of their time can find at home. and as a result, many people turn to pets for comfort or recent survey revealed that since the beginning of the coven 19 crisis, nearly one in 5 household, quite a cat or dog. and this came, as people started working from home, relocating to the suburbs with more space and had more flexible working hours. the vast majority of these household still have that pets in their homes today was only 10 to 13 percent being relinquished back to shelters and rescues. now pet ownership rose to an all time high of 70 percent in 2020. as a result of the pen demik with millennials comprising the largest segment of us pet owners of 32 percent. the pet industry boom with sales of 9.8 percent varying better versus other consumer market segments and a package fact survey, pet products and services at the bottom of the list of household spending,

cutbacks, 2nd only to medicine, which reflects the deep commitments people have to their for babies. now in america, 69000000 us households have a pet dog compared with the 45300000. who have a cat. americans spend a $136800000000.00 on their pets in 2022, which is up over 10 percent from 2021. and this includes $58000000000.00 spent on pet food and traits. $31500000000.00 on supplies and medications. $35900000000.00 on vet care and $11400000000.00 on other services like boarding grooming and training. spending on pet food increase with millennials, leading the charge preferring pet products that consider humanize ation. premium eyes ation and sustainability. 19 percent preferred non g m o ingredients for their

pets and 13 percent preferred. human grade food. this is in contrast with the europeans, we're only 38 percent of them, or 88000000 households have pets. germany had the highest dog population in europe with more than 10000000 dogs in 2021. due to the growing pet population in europe, the pet food trade flourished more than tripling and the last decade from $480000000.00 in 2011 to over $1500000000.00 in 2020. like americans, european spend half the amount on their beloved pets, with owners spending an average of 1224 year of each year. expenses on food make up the largest share of the budget, followed by hygiene and grooming. ro, pet owners and couples with no kids have reported spending more on pet food and pet supplies as well. so as the world really going pet,

crazy. and what's really all think about this. well, that's where we want to bring in our guests today to explain more well bringing philip cooper, an expert in the pet industry. now, philip, do you predict that this pet phenomenon will continue to grow? or do you think that we have topped out here in terms of the number of household who owns a pet as well, i'll tell you. i believe it will continue to grow. now that pets have been elevated . it may be just data and the people have saved the benefits of what it brings, and i apologize for my dogs barking in the background, but i is a pet owner. have plenty of places around, so please bear with me a little bit of the, my dear pause. ah, times in, you know, they say pet owners look like the or pets look like their owners. and my pod looks just like me see short fat and is it pushing face?

so i believe the that's really the way it is. but yeah, the pet ownership will continue to grow. the pen industry will continue to grow, as it always has, even in the toughest times we've seen. 20 percent increase is pretty regularly and every segment is increasing. we do have our ups and downs based on the segment, but overall uh the industry continues out perform during recessions. it during tough times uh better than most industries do. i guess people do turn to a path when they're suffering hard times live res sections or locked down. so that makes perfect sense. but what country has the lowest number of pets and why is that? what causes this different attitudes towards pets? well, you know, that i'm not quite prepared uh for, i don't know which country has a lowest pet ownership uh, worldwide because they've all been increasing. but one of the reasons people cut

back or don't have pets is because of the cost of keeping the pad and the costs of me attaining a pet. you know, as the population grows older myself, i'm a baby boomer and you know, spending is increased dramatically with the, uh, the younger generations. a decrease with the baby boomers. but the other generations of all levels are spending more and money is no object when it comes to spinning on their pest to keep them healthy and happy for, for many years, and as as many years as a hotel survive. absolutely. and is pet ownership now considered a luxury, or is it still about companionship? uncomfort as well? it's really about companionship and cover, you know, and the best example i can give is, you know, 20 years ago, we used to sell

a lot of dog houses and dogs. many dogs, big dogs were confined to the back yards. we're tied up on a chain and kept out doors today. we sell very, very few dog houses and most homes have their dogs inside and they have multiple beds. one in the living room, one of the bedroom, one of the garage, one wherever they are with the animal, and the dogs are now sleeping with their owners. and so it's really become a companionship issue. and you know, dogs in error unconditional the, you know, manner, hired creative, they'll all come back and forget whatever you've done and they'll look in love. you give you all the beloved support you could hold for cats. on the other hand, i always joke and say cats, so have owners, they have a staff. and uh, they kinda live in the old world that we have to adapt. absolutely,

and that's what we all want, unconditional love from all pets. and now while pet ownership is a global phenomenon, now different regions all view and treat their pets differently. so how does dog and cat culture in the us differ from europeans when it comes to like even basic things like neutering or alicia engaging? as you mentioned dog housing, what's interesting to me is it doesn't really change much by country. that's the biggest differences in the, of my own 10 population of people as well as a population of animals. i mean, really suddenly i was interviewed about pet ownership and shanghai, china, and shanghai. you know, having a pad is kind of a says symbol now. and people are spending large amounts of money and boarding and

fancy collars and fancy clothing. and uh, so you know, pets fit in need almost for every category, whether you want a dog for hunting and for retrieving or, and that's a larger dog, or whether you want a dog that will tunnel with you. uh while you're watching tv, your laptop, and the same thing with catch, you gets a different personality is you never know what you're going to get somewhere more affectionate than others. and people are finding animals that really wants to be very compatible. so their own needs. and when they give attention, they get plenty of attention which are absolutely, and as people move away from having children in the west, do you think that especially women put their maternal instincts into pets? of all, both, certainly they do and they want them pets to live long in prosper and you know,

they used to be, you could never take your dog into a store whether it was a grocery store and a restaurant. and nowadays, with the way pets have been human, uh, as pets are pretty much accepted anywhere. i was at a doctors appointment yesterday and a lady would brought her dog there. and she a boss who was in a way, lived always on her lap. and the dog was part of everything she does, and we find that now with the pets at every stage in life, you take him in the car, you take them to the park, you take them, would you visit it? i mean, they're just joined at the hip with you and they're part of everything that you do . and now, is there a such thing as taking it too far when taking care of a pet like, is there too much co dependency? well it, oh i see. i have to agree, there is to some degree, but who am i to judge? it depends on the individuals needs their own personal needs and how they feel. i

mean, i, i, i think sometimes the amount of money that people spend the pets. uh, if they would spend a small amount of their money caring for other people as much as they care about their pass, the world would be a better place. however. so sometimes you can spend money and other people and they don't appreciate it and they won't give you any kind of a thank you, but you can always get that from your pets. and now what are some of the more outrage of stories you've heard or seen in relation to people in the caps or pets? oh, i mean, i could see i could go on. i could write a book literally in my bid, is that it is great for 55 years and i've seen some really outlay. there's things that i, you know, i, i happened to be involved with the company, the manufacturers do it yourself,

the all washes, and they're pretty expensive. they're like buying a car, and then it can cost as much as 27th out of the dollars. and we've said people buy these for their own personal use of their own homes. and then we've seen the rule is being built on the whole this for the dogs and in special grooming areas in feeding areas. and today, the millennials, you know, that are on their computer, most of the time and they work all day and they come home late, so they stop and pick up something. who else is dirty? they stop and pick something for the dog. the you can now bind road and make diets for your dog and you take them home. they put it both in the microwave and you can sit down and enjoy your meal with you bet. and i've seen people spend literally thousands of dollars in the veterinary bills to keep their pass a live uh,

just a little bit longer and, you know, i, i, sometimes i understand that i've done it myself. but i also believe that sometimes we have to be a little more realistic and, and think about the quality of life that we provide or animals. and especially the later stage is a live making sure that you don't go overboard. you always certainly want to do the best you can, but i see people literally spend $50000.00 on cancer treatment for their dogs. and it keeps them alive for a year or 2. and i'm glad they can afford to do that and i'm grateful. they all do that for their pad, it shows them how much love they have. but when you see that sometimes you gotta think and think that maybe there's times where you go to the event and event tells you it's time to make a tough decision. and people just don't want to do it because they loved their animal so much. absolutely. those are some really boozy pets as well. thank you so

much, philip, but please stick around. philip will be joining us right after the break. and when we come back, the pet culture has taken over an asia where a luxury brand houses are now turning a profit with pets, couture. the . so what we've got to do is identify the threats that we have. it's crazy from foundation. let it be an arms race is on all sides. very dramatic. only

personally, i'm going to resist. i don't see how that strategy will be successful, very unclear to get a time time to sit down and talk when i would show the same wrong just don't safe house to come after kids and engagement because the trail when so many find themselves will support. we choose to look for common ground, the the past culture and japan is a new phenomenon that has been taking off over the last few decades. pets have been increasing in numbers throughout japan, as it is a convenient way to provide companionship without the demands of

a child. young couples who do not have the required time or are ready to raise a baby or elders score lowly have turned to raising pets for comfort. currently, estimates plays the number of pets above the number of children under the age of 15 . there is 19200000 pets in japan, but only 17900000 children due to the declining birth rate, an aging population in japan. and since these families have no children, the pets get all of the love and get pampered like actual children's businesses in japan, life caches, dogs, bars and restaurants that allow pets to sit down at a table and eat with the rest of the family has been booming. since 2004, many pets in japan even have their own pet closets filled with expensive kotor clothing function now gucci and leave a ton design specifically for pets. there is also an uptick for exotic pets in

japan as well where people are buying very expensive fish where reptiles or birds animals like otters. bush babies and gallegos are also frequently depicted on social media driving up the demand. south koreans are also choosing to have for babies of a real ones. as we young couples are burdened by the inflated housing prices. a notorious working hours. these pets are voted on like real babies getting fancy pet foods. puppy photo shoots, pets, strollers and puppies. things to south korea also has one of the lowest birth rates in the world, and while its economy is flat lining, its pet business is booming. the pet industry and south korea is a $1500000000.00 industry. that is one of the fastest growing segments globally. this includes everything from premium, great pet foods, with jim saying and hung about ingredients. air purifiers for puppies,

and even doggy funerals, which is becoming an increasingly popular service in the country. however, not everyone is on board with this for baby trend. there is a growing segment who oppose this trend, calling it a replacement baby syndrome, and on natural insisting that pets cannot replace children. world wide trends show that marriage and child rearing are decreasing and popularity. but the nurturing instinct and woman has not died down. it has simply been re directed towards dogs. psychologists say that dogs can indeed replace a child or even a sibling, many single child families bringing pets as substitutes for siblings to teach children compassion, responsibility, patients and trust. couples are citing freedom and tight finances as reasons for delay having a child. in contrast, the average pet owner spends around 25023508 year for

a dog. and based on the average life span of 12 years, the lifetime cost of only a dog is around $36000.00. and now, while this sounds like a lot of money, the cost of raising a child in the us is between $13000.00 to $15000.00 a year. and while the sustainability of the pet industry in the long run is unknown, new commerce ideas, like doggie restaurants, are now making a profit for this and more we bringing again, fil a. cooper, an expert in the pet industry. so philip ages are the only people who love to dote on their dogs. recently, a san francisco restaurant who serves a multiple course bone appetite meal for $75.00 to puppies, has come under criticism over the price point for the pampered pets, pointing out incoming equality and the homelessness in the city. so what do you

make of this is this considered may be excessive, is willing to solve the success of it. and to me, i believe it's a little excessive. however, who am i to judge of what you do with your work, that how much money you choose to spend on your pets. uh, i takes people spend what they do other pets because they get disobedient. love back from that. an animal as we describe before it's unconditional. and yeah, there are people, they go to excess, but you know, the amount of love and support you get from all animals and what animals will teach you in taking care of them. and it's, you know, when you saw my dog care specifically, my grand daughter is a lover of animals as you would expect. and she or she to serve orphaned animals and finds them homes. and currently she's got 14 cats in her

house, baby cats that she is looking for hose for, but she feeds them and she loves them. and you know, her children watch these little creatures grow and they see the deeds that they have now for food. but are hygiene and other things and, you know, being able to watch the birth thing of an animal is an amazing process that if kids will see it, whether it's a dog or a cat, or if you can see i have an inquiry behind me keeping face and watching face grow and have babies. and so many things give you a great sense of gratitude and give your kids a great example of how life continues and what they can learn about taking care or not. how much responsibility it is, whether you have a fish or a bird, or a cat, or a dog or, or a kind of animal. it requires a real effort. and it's

a great training exercise and a great teaching method for adults to help their kids understand what's required in life. absolutely. and do you think it's concerning that pets are replacing children for some couples and in certain demographics? and what are the implications here? well, certainly it's concerning. i mean, we're the world as a whole is seeing some decline in baby growth except in some countries. and a lot of it's a result of the cost. a lot of it is a result of the way society is developed and young people not marry younger like i did. uh cuz that's what we did when we were growing up. you expect to get married and have a family and, and you expected it. you're expected to have more than one file of your grew and

you bills to the and you bill a life based on that. uh, nowadays i find some young people uh little more selfish. uh and, and that'd be critical is just the reality. they're a little more selfish when it comes to what they spend their money on, and whether or not they uh get along with their spouse or, or their relationships in lot of people blaming uh video games and other things computers and how we become so self absorbed woods, i phones and, and there's some truth in that, but i, you know, i think people eventually get it. and i think, as you mentioned, we have seen that impact of populations in a lot of different places when you talked about the cost of raising a child and the cost of raising a pet. you know,

the costs will certainly be to be based on the size of the bed, or how many you have the average american households today is 2 and a half dogs is many cast. so it's more than just one dog per household anymore. and there is a genuine concern about expense and a genuine concern, or whether people will continue to have babies and c population grow is absolutely. now, where is pet ownership? the lowest? is it in more developing countries? and do you think if affluence plays a part in pet ownership here? yeah, it is a developing countries because of that extra cost. and, you know, we right now we've looked at markets like south america, which is booming. they've been in or. busy developing countries there for, for many years, and they just didn't have the extra income to be able to feed additional pets. the

hazard concentrate other families. but as they continue to grow and, and income increases because they do turn to pass. and even the, the in the countries where there's federal tests, people still find the way to try to take care of them. because i feel bad that they don't aren't being taken care of or don't have families v with, but they certainly don't want to see them neglected as well. 30 years ago i went to mexico city and i was surprised at people who would spend a $100.00 for a bag of dog food, who is a premium dog food. when back then the population, there was a lot of rich people, a lot, a lot of poor people in that much in the middle of but that country who's develop dramatically and, and they spending as much per pet today is we are in the us all. thank

you so much for the for our time today. really appreciate it. i pleasure. hope you all have a great day and go out there and enjoy the, the benefits of animal ownership, but be a responsible owners well as outrages and fanciful as it one sounded. the winners and losers of today's pet world can actually be described as a plot of the 2017 dreamworks animation. the boss, baby, or baby's and puppies are and a war competing for adults love. and many countries, millennials today are opting for pets over babies, citing type finances, personal freedom, as well as women having children later in life. this is a striking global trend. as many prosperous countries have seen, their birth rates fall with the replacement rate fairly above to. meanwhile, pet ownership is on the rise wall, family sizes decline, and well pets are expensive. they're not as expensive as babies. and couples are

happy to spend on their pets, as there is no recession in pet spending, even as income suffered. meanwhile, pope frances has even spoken up on the subject and even called out people who have pets instead of children as being selfish. so at this point in time, the puppies are clearly winning out over the babies. i'm christy. i thanks for watching and we'll see you right back here next time on the cost of everything. the executive. and i'm here to plan with you whatever you do, do not watch my new shelves. seriously. why watch something that's so different. little opinions that he won't get anywhere else. welcome to planes or do they have

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we have some more than i wish someone was this, we would show new people to the the of the it's also is this how you as president biden wilkens indian problem is in mo, d at the white house, laying out a lavish budgetary estate, did not co things or drink directly into the fold or a credit to add to the was biggest financial joy. it was quotes on campus saying the wall in the claims rings, good profit. i think it's the prior to with the drum the world, which is the .