People in the UK spent a staggering $6.9 billion dollars on their pets in 2014, claims market research solution company Euromonitor International. The amount – which is almost equivalent to £4.6 billion – places Britain as the world’s second biggest spender on pets. Our animal owners are the most generous in Europe. Only the American paid more, splashing out over $30 billion last year.
So, why are we so keen to spend? The UK, like many parts of the world, humanises its pets. A Euromonitor International survey found that 80 percent of us feel our pet understands what we say to it. Our animals lovers are also likely to reach deep into their wallets. The UK experiences far higher sales than China, despite the latter’s larger pet population.
The trend for higher spending is growing world wide as the Latin American and Eastern Europe markets boom. Paula Flores, Euromonitor International’s head of pet care research said: ‘Global Pet care sales reached US$ 98 Billion in 2014 with 10 percent CAGR growth in between 2009-2014’.
‘There are a number of reasons for this,’ said Flores. ‘On the one hand people are single and increasingly lonely, living in more ‘dehumanised’ societies. On the other hand there are also the ‘DINKS’: double income no kids. Couples delay marriage and the first child so pets are often the choice of their love and affection. In many emerging markets splashing on pets is also a way to flaunt status and a reflection of westernisation.’
Overall, this can only be good news for the pet industry. The UK’s spending on pets has risen steadily for the last three years and – if the trend continues – seems set to do so again in 2015.
Visit www.euromonitor.com for further statistics.