Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
May 25-31, 2025
A recent Bank of America report has revealed trends in pet spending across the U.S.
According to Bureau of Labor Statistics consumer price data, the prices of pet food and pet services have risen sharply since 2020. And while pet food inflation has stabilized over the past month, pet services inflation remains relatively high at more than 4% year over year.
Aggregated Bank of America credit and debit card spending data indicate that spending growth at pet stores and veterinary practices is running below inflation rates in the pet food and pet services sectors. In April 2025, pet store spending was down 4% year over year, while card payments at veterinary practices fell 1%.
“In our view, households may be economizing on pet food by ‘trading down’ or shopping at the grocery store, while the growth in pet insurance may be mitigating vet spending,” Bank of America summarized in the report.
Other takeaways include:
- Nearly 30% of millennial households include a pet.
- Lower-income millennials account for the largest pull-back in pet-related spending.
- From January through April of 2025, pet spending was higher in Seattle and San Francisco compared to the national average, while pet owners in Southern cities spent below the national average.
View the full Bank of America report [1].
Check out the Veterinary Industry Tracker [2] for daily stats.
| -0.1% Revenue YoY (Last Week) |
-4.6% Visits YoY (Last Week) |
Veterinary industry revenue lost ground last week, dropping from 0.1% to -0.1% year over year. Visits also fell slightly from -4.5% to -4.6%.
 -8.3%Heartworm YoY |
-8.5% Flea/Tick YoY |
 +1.0%Services YoY |
-3.8% Products YoY |
Year-over-year heartworm preventive purchases were -8.3% last week, a drop from the previous week’s -7.2%. Flea/tick also declined slightly, changing from -8.4% to -8.5%. While year-over-year service revenue remained in positive territory at 1.0% last week, it dropped from 1.5% the week prior. Product revenue was unchanged at -3.8% year over year.
| +2.4% Revenue YoY (Last 12 Months) |
-2.7% Visits YoY (Last 12 Months) |
The rolling 14-day trendline showed revenue and visits holding steady over the past month.
| 5,997 Practices |
2.2M Revenue per Practice (Last 12 Months) |
10.2K Visits per Practice (Last 12 Months) |
Massachusetts saw the most year-over-year revenue growth last week at 5.4%, while Maryland and Maine trailed closely behind at 5.3% each. Oregon and Iowa experienced the smallest declines in year-over-year visits at -0.2% and -0.3% respectively.
*Numbers are subject to change based on data availability and PIMS adjustments.
Need additional stats? You got it.
The Premium Veterinary Industry Tracker lets you drill into revenue categories, visit types, date ranges, states, and more.
| LEARN MORE » [3] |