Latest data into pet owners’ outlook on costs and care for pets shows over seven in 10 (71%) British consumers are willing to spend more on their pet than themselves.
The new research from MoneySuperMarket analysed pet owners’ attitudes towards financing their furry friends, revealing consumers spend an average of almost £500 on luxury items each year.
Pampering pets is much higher on the agenda for younger age groups. Those aged 18-24 are spending more than double on their pets than over 55s, shelling out an average of £759 and £308 respectively on luxury pet products each year.
The study also reports concern over pet welfare is also on pet owners’ minds, especially with more people returning to offices. Just over one in three (34%) owners are concerned that their return to work will have an impact on their pets’ anxiety – as a result, over a third (35%) are more willing to purchase therapy for their animals than themselves.
Additionally, the costs of keeping their pet healthy and happy do not cross the mind of nearly a third (31%) of pet owners, which may be why dog owners are making extravagant purchases. Just over a quarter (26%) of 18-24-year-olds have also introduced their pet to technology with an intercom camera, and 14% give their pet CBD supplements.
Alex Jones, pet insurance expert at MoneySuperMarket, said: “With 35% of pet owners willing to spend more on pet therapy than on themselves, it’s clear that we are a nation that really cares about the wellbeing of our pets, but the costs can add up.
“Our research into pet owners has shown us that many are struggling to keep up with the financial demands that pets can incur, with pet accessories often racking up big bills. Pet insurance was regularly seen as something that could be cut out in order to save money, when in reality this could lead to hefty costs in the future.”