Report “Pet-money: The Pet Economy and Its Impact on Spanish Households,” prepared by EAE Business School.

• Pets already generate €5.77 billion annually in Spain, and there are now more households with pets than with minor children.
• The “pet-money” economy is growing at 8.3% and generates 75,000 jobs.
• Half of Spanish households live with pets, which represent an annual expense of between €500 and €1,000 per family.

Imagen

Pets have moved from being a secondary member of the household to becoming a structural economic player in Spain. This is highlighted in the report “Pet-money: The Pet Economy and Its Impact on Spanish Households,” prepared by EAE Business School, part of the Planeta Formación y Universidades network. The report finds that half of Spanish households (49%) live with at least one pet—the first time this figure has surpassed the number of households with minor children.

The study estimates the sector’s turnover at €5.77 billion, with annual growth of 8.3%, generating 75,000 direct jobs through more than 12,300 companies linked to retail, food, healthcare, and specialized services. This growth is driven by the fact that Spain is home to more than 30 million domestic animals—9.29 million of which are dogs—consolidating an economic phenomenon that already directly impacts consumption, financial planning, and the lifestyle of millions of households.

The research also shows that owning a pet represents not only an emotional commitment but also a financial one. The average annual cost of having a pet ranges between €500 and €1,000, depending on the species, size, and level of “humanization” of consumption. In many cases, this spending is comparable to household expenses on leisure or telecommunications.

The business school further analyzes the evolution of “pet-money,” which is shifting toward an integrated pet care model that includes premium food, specialized veterinary healthcare, insurance, technology (such as wearables, apps, and smart collars), ecommerce, and outsourced services. In fact, the pet accessories and hygiene segment alone exceeded €630 million in 2024.

“The pet economy is consolidating as a mature emotional economy that generates employment, innovation, and economic value, but also requires financial planning, effective regulation, and social responsibility. At EAE, we have created the concept of ‘pet-money,’ which encompasses the full range of economic flows derived from the care, well-being, and coexistence with companion animals,” says Paulo Sartorato, professor at EAE Business School and author of the study. “In today’s Spain, caring for a pet has become an economic decision with challenges and costs that owners take on because they consider them part of the family. As such, they invest in premium food, veterinary care, toys, and accessories,” he adds.

FOOD AND VETERINARY CARE ACCOUNT FOR THE MAIN EXPENSES

Looking more closely at pet-related spending, the report identifies food as the primary expense for pet owners. The “pet food” market exceeds €2.05 billion in Spain, reflecting growth of nearly 5%, driven by the premiumization of pet food and natural diets. While a decade ago average monthly spending was around €25, it now ranges between €40 and €60—and can double when owners opt for personalized or gourmet options.

Veterinary services represent another major economic pillar of the sector. With annual revenues exceeding €2.5 billion, the report notes that veterinary visits can account for up to 45% of total pet-related spending. Costs can rise significantly in the case of surgery, exceeding €300 and, in complex cases, reaching €1,000 to €2,000.

YOUNG PEOPLE DRIVING “PET-PARENTING”

The research also identifies a profound cultural shift in relationships with animals, especially among younger generations. Thus, 45% of Generation Z and 40% of Millennials state that their pet is the most important thing in their lives—well above older age groups.

This phenomenon, known as “pet-parenting,” involves treating pets as full-fledged family members. It translates into greater willingness to purchase premium pet products; take out specific insurance policies and health plans; use daycare centers, boarding facilities, and specialized services; and drive growth in pet-friendly tourism. In this regard, major travel platforms such as Booking.com and Airbnb report double-digit growth in petfriendly accommodations, with increases of up to 50%.

Regarding the pet insurance business, the report confirms its expansion. According to sector data, the segment generates several hundred million euros annually, with an average claim cost of €239. Premiums range between €30 and €60 per year for civil liability coverage and can exceed €300 for comprehensive animal health coverage. In this context, Ley 7/2023 de Bienestar Animal, which establishes mandatory civil liability insurance for dogs, reinforces the trend toward greater formalization and financial planning in pet care.

The report also highlights the less visible dimension of the pet-centered economy: the public and social cost of pet abandonment. In 2024, Spanish shelters took in more than 292,000 dogs and cats, although only one in four (26%) was adopted. As a result, the Ministry of Social Rights allocated nearly €2 million in 2024 to programs related to the management and prevention of abandonment, in addition to regional and municipal budget allocations.

From an economic perspective, the study concludes that prevention of abandonment— along with identification, sterilization, and responsible ownership education programs— represents the most effective approach.