Britons will spend more than £4.6bn on their pets this year
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Spending on pets will surpass $7bn (£4.6bn) for the first time in 2015 as owners splash out on special foods, exercise classes and designer outfits, according to Euromonitor data.
This is a 3% increase on last year’s $6.92bn and a growth of 25% since 2010.
Gina Westbrook, director of strategy briefings at Euromonitor, said that the humanisation of pets is the force behind this trend.
“Pet owners are increasingly treating their cats, dogs and even small mammals like members of their family,” Ms Westbrook said.
“The opportunity to commercialise this trend into a vast range of goods and services – from dog beer to cat counselling, from pet weddings to 'social petworking' – is staggering for the company that can position itself to gain credibility among this growing demographic.”
She outlined three types of cash-splashing pet owners.
Mainstream humanisers, who account for about two thirds of pet owners, opt for reliable premium brands “that convey an indulgent feel”.
The 20% to 30% of pet owners who are so-called anti-humanisers choose smaller, ethical brands over large corporations and are most likely to put their pets on wild, raw or organic diets. Extreme humanisers, who make up roughly 5% of pet owners, tend to be high-spending urban-dwellers who value status, fashion and exclusivity and see their pet as a personal accessory or a substitute for a child. Euromonitor identified this group as the most likely to buy their pets designer outfits, crystal encrusted drinking bowls, exercise activities such as doga and pawlates, and extreme grooming treatments such as stencilled tattoos and coloured hair chalk. “Many owners increasingly think of their pets as an extension of themselves and want to dress them to reflect this,” said Paula Flores, head of pet care research at Euromonitor.
Two thirds of animal owners see their pets as a beloved family member, according to a Euromonitor survey, and 54% of respondents said they consider it common for people to celebrate holidays with their pets.
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