Two-thirds of pet owners spend more on their pets than themselves
Almost three-quarters of Brits are willing to spend more on their pet than themselves, new research reveals.
The poll from MoneySuperMarket reveals Brits spend an average of almost £500 on luxury items for their pets each year.
The survey shows pampering pets is much higher on the agenda for younger age groups. Those aged 18-24-years-old 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.
Concern about pet welfare is also on pet owners’ minds, especially with more people returning to offices, with 34% of owners concerned that their return to work will have an impact on their pets’ anxiety. As a result, 35% are more willing to purchase therapy for their beloved animals than themselves.
However, 26% of respondents said they can’t afford therapy for their pets. In addition, other pet costs are proving to be too expensive, with 28% of respondents saying they are struggling to afford pet insurance and 17% are willing to risk not purchasing pet insurance to save money.
The costs of keeping their pet healthy and happy do not cross the mind of 31% of pet owners, the research shows. The top five luxury purchases dog owners are making this year are: dog calming bed (26%), pet intercom camera (19%), dog ice-cream (17%), dog stairs for bed/sofa (14%), and CBD dog supplements (9%).
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 showed 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.”
