Impact of the 2007–2008 United States Economic Crisis on Pet Ownership

SIMPLE SUMMARY: Do recessions increase pet ownership? We look at pet ownership rates from 2003 to 2018. We compare the estimated real trend of pet ownership in American households to a scenario in which the 2007–2008 financial crisis did not occur. Our findings suggest that the financial crisis caused households to increase their pet ownership, especially for dogs and cats. ABSTRACT: Limited literature explores the relationship between economic impacts and pet ownership. Do people have more pets as a result of economic crises? In the current study, we answer this question by looking at the time series of pet ownership and children present in U.S. households from 2003 to 2018. We utilize a causal inference technique to compare the estimated real trend of pet ownership in American households against the scenario in which the 2007–2008 financial crisis would not have occurred. Our findings suggest that the financial crisis triggered households to own more pets, specifically dogs and cats.