More than seven in 10 British pet owners are willing to spend more on luxuries for their pets than for themselves, according to new research by MoneySuperMarket.
The study of 2,209 UK adults, conducted by Research Without Borders last month, revealed that pet owners spend an average of almost £500 per year on luxury items such as toys and treats. Younger age groups, those aged 18-24, are willing to pay more than twice the amount on their pets than those over 55, spending an average of £759 and £308 respectively.
According to the survey, the top luxury purchases dog owners are looking to make this year are dog calming beds (26% of owners), intercom cameras (19%) and dog ice cream (17%). For cats, proposed luxury purchases include play towers (51%), GPS trackers (18%) and ‘smart’ cat litter (14%).
More than one in three (34%) owners are concerned that their return to work will have an impact on their pets’ anxiety and, as a result, over a third (35%) are more willing to purchase therapy for their animals than themselves. However, nearly three in 10 (28%) say they are struggling to afford pet insurance and two in 10 (17%) are willing to risk not purchasing pet insurance to save money.
Alex Jones, pet insurance expert at MoneySuperMarket, commented: “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.
“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.
“There are great savings to be made on pet insurance policies. By comparing and saving on the MoneySuperMarket website, Britain’s pet owners can find the perfect policy for them.”
More details can be found here: https://www.moneysupermarket.com/pet-insurance/right-dog-breed-for-you/