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Perhaps it's working in a culture that values loyalty. Perhaps it's the stressful lifestyle. Whatever the reason, the nation's senior corporate executives sure seem to love their dogs.
More than half (56 percent) of senior corporate executives own pets and the animals are most likely to be dogs, very lucky dogs, according to the latest montly survey from Spectrem's Millionaire Corner. More than 70 percent of senior corporate executives who own pets, indicate the animal is a dog (compared to 46 percent of Americans as a whole) and nearly one-fourth of the executives spend more than $2,000 a year on their best friends. An additional 40 percent spend $500 up to $2,000 on Fido and other pets.
All the executives say they purchase pet food. (Not every pet owner does.) A large majority purchases treats and toys (85 percent) and routine vet care (85 percent). More than half (56 percent) pay for grooming services, and more than one-fourth spring for emergency veterinary care. Fifteen percent indicate they buy "sweaters, accessories, outfits and costumes" for their pets.
What if Fido needs more than routine care? Thirty percent of executives said they would consider reconstructive knee surgery for their pet, and 26 percent would pay for hip surgery. One-in-five would consider paying for chemotherapy, half would purchase medication for chronic conditions, such as allergies, and 9 percent wouldn't rule out paying for anti-anxiety or anti-depressant drugs.
Executives apparently value the rewards of pet ownership, which include lower blood pressure, reduced stress, lower incidents of hear disease, lower health care costs and a remedy for depression, according to the American Pet Products Association. How else are executives showing their appreciation? More than 20 percent plan to buy their pets a holiday gift this year.
For more information on the attitudes and behaviors of wealthy investors see our latest reports.