Valuation of Companion Animals

People love pets, especially dogs and cats. In 2018, for example, the pet industry yielded over $72 billion on pet-related expenses. People spend money on food and treats, supplies, medicine, veterinary care, various services, apparel, afterlife arrangements, and toys for their animals. They upload and publish photographs of their “fur babies” on social media with hashtags such as #ilovemydog or #doggo. Some people choose to forego having and raising human children, electing instead to care for dogs or cats. Companion animals are, for many people, a part of their family unit.