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Abstract Objectives Examine US consumer pet‐related and veterinary service expenditures and factors influencing US households’ use of veterinary services. Methods Descriptive analysis on pet‐related and veterinary service expenditures and regression analysis on pet owners’ use of veterinary services, using data from the US Bureau of Labor Statistics Consumer Expenditure from 2006 to 2018, with the sample size of 257,836 households, of which 73,593 had pet expenses. Results From 1980 to 2018, the proportion of households with pet‐related and veterinary service expenditures increased. Since 2010, the percentage of pet‐owning households using veterinary services has increased substantially. Household characteristics were examined and significantly affected the probability of both pet and veterinary expenditures. Non‐White and Hispanic groups had increased pet ownership, but the likelihood of veterinary service use has not surpassed White and non‐Hispanic pet owners. Conclusions Understanding the effects of household sociodemographics, particularly race and ethnicity, on using veterinary services provides insights for optimizing strategic planning for the pet industry and veterinarians. Reviewing the implications helps adjust and fine‐tune strategies and influence the sustainability of the veterinary service sector by attracting different racial and ethnic groups. Future research might focus on other social and cultural factors influencing the utilization of veterinary care. The veterinary service sector can then effectively address pet care disparities, bridge existing gaps and improve economic viability.