The nation's love of pets drives an estimated £6 billion of spending for the UK economy, a new report from Pets At Home has revealed.

The Pet Report has drawn on a wealth of data from Pets At Home’s Very Important Pet (VIP) loyalty club database – made up of 2.5 million VIP members and more than 7 million registered pets – and an annual survey of over 5,000 pet owners to provide a unique insight into the role pets play in the UK economy and consumers’ lives today.

The report shows that increasingly we are treating our pets as we would treat ourselves, and that’s driving increased spending among pet owners. For instance, the pet food market is expected to grow to £2.6 billion by 2017, driven by advanced nutrition which gives dogs and cats a premium balanced diet with natural ingredients. Meanwhile 20% of UK pet owners have set up social media profiles for their pets.

Nick Wood, Chief Executive Officer of Pets At Home, commented:  “Our love of pets is good for the UK economy and this report provides definitive proof of this. For so many people, pets are an integral part of family life, and increasingly pet-lovers are treating their pets as they would themselves, whether that’s through an improved diet or treating them to a visit to a groomer.

“The report shows the wide range of ways in which pet ownership benefits the economy. It’s about so much more than just pet food, and from travel companies to social media, pet ownership is a factor many companies have to incorporate into their strategies today.”

The full report can be found at www.petsathome.com/petreport

Other key findings include:

• Our love of pets is good for the UK economy. The pet care market is estimated to be worth £6 billion in 2014, having grown by almost £1 billion in the past five years, despite the economic downturn. It is expected to grow further, by £800m in the next three years alone, as the economy recovers.

• In 2012, pet food and accessories accounted for approximately £3 billion, while services such as vets, grooming and insurance totalled approximately £2.5 billion. Pet services are expected to show strong growth through to 2017 – with insurance estimated to grow by 9.3%, grooming by 4.1% and small animal vet services by 3.2%.

• We are treating pets more as we would ourselves. Pet owners really care about their pets’ health, which explains why the UK pet health and hygiene market has grown from £289 million in 2006 to £334 million in 2012. It is predicted to grow to £380 million by 2017. The UK small animal vet market has grown by 2.3 % per year since 2006, and between 2012 and 2017, it is projected to increase at an annual rate of 3.2%. 

• Pets are a key driver of social media activity. 20% of pet owners have set up a social media profile especially for their pet, while nearly 90% share pictures of their pets online. Facebook is by far the most popular platform for sharing images of pets, with 27% of owners featuring their pets on Facebook, followed by Instagram, Twitter, YouTube and Pinterest. 

• Pet owners spend £450 million a year on taking their pets away. The report found that a third of pet owners holiday with their pet and spend an average of £126 extra to keep their pet by their side, with one in six spending an additional £200 or more.