Pet ownership is undoubtedly one of the greatest pleasures in life so it should come as no surprise that the money spent on pets has been consistently on the rise for several years.
The UK pet product and services market was estimated to be worth around £850 million in 2016 (AMA Research) and the boom is set to continue. Focusing on the important role pets have to play as a source of companionship and joy cannot be underestimated as Pawexpo, the new trade show launching this September (15– 17 September, NEC Birmingham), will reveal.
A pet loving nation
The most recent PDSA Pet Wellbeing Report in 2019 revealed that 9.9 million adults in the UK own dogs whilst 10.9 million adults’ own cats and 900,000 of the population own rabbits. It’s not just furry friends that we love – according to the PFMA’s 2019 report, the UK is also the proud guardians of 500,000 indoor birds, 500,000 domestic fowl, 300,000 tortoises and turtles, 300,000 lizards and 200,000 snakes. There also are 2.7 million indoor fish tanks in the country (6% households) and 1.3 million outdoor ponds making the pet retail sector a high profit opportunity.
The world of pet parenting is changing with animals now seen as members of the family. Pet ‘humanisation’ has become a huge trend with many consumers prepared to spend more on pet food and other pet-related products. Mintel revealed that 30% of millennial pet care owners (aged 19-38 years) like their pet to keep up with the latest trends through gifting and grooming and, in return, they experience profound psychological benefits of owning a domestic animal.
Emotional Wellbeing
Pets make people smile – that’s a proven fact with 95% of dog owners, 93% of cat owners and 91% of rabbit owners revealing that their pet makes them happy (PDSA). Man/woman’s best friend can help us to live mentally healthier lives and improve moods. With domestic animals evolving to become attuned to their owners’ behaviours and emotions, pets can help to reduce stress, anxiety, and depression, as well as ease loneliness. Scientists have shown that dogs can help lessen the symptoms of depression with oxytocin released as you cuddle your canine, the same hormone triggered when a mother bonds with her newborn child. Dogs especially are great at encouraging owners to get exercise by taking them for a walk, releasing endorphins, the body’s natural antidepressant.
Mintel research revealed that Brits spend on average £1,150 a year or £95 a month on their pets on special occasions such as Christmas and their birthdays. With 66% of owners admitting to buying gifts for their pet (OnePoll), luxury dog beds, premium leather collars and leads, personalised coats and artisan treats have become the norm. Pet technology such as pet cameras or trackers allow those on the go to interact with their animals and help combat common issues like separation anxiety for both the pet and its owner.
Valentine’s Day has become popular with one in five adults buying a gift for a pet, equating to £27 million, according to a survey by American Express. A survey by the Kennel Club has found almost one in five also would rather have a dog than be in a relationship, with unfailing loyalty cited as the main reason.
Owning a pet also helps to combat loneliness, especially to those in later life, by offering companionship, a sense of security and someone to share the day with. Daily dog walks can often lead to friendships and conversations with other dog owners, helping to stay socially connected and less withdrawn from the outside world. 81% of cat owners also revealed that their cat makes them feel less lonely with the act of caring and for a pet giving purpose and reward, and a sense of achievement.
Physical Health
Regular walks help dog owners meet the levels of exercise recommended by public health guidelines according to the NHS. Benefits of such consistent exercise include improved cardiovascular fitness, lower blood pressure, stronger muscles and bones, as well as decreased stress levels. PDSA research revealed that 50% of owners walk their dogs more than once a day, whilst 32% walk their dogs once a day. The dogs too.
A pet’s health has become as increasingly important as their parents with 9.1 million dogs (92%) registered with a vet, with 75% of owners attending regular health checks to ensure their pet is healthy (PDSA). Pet supplements – such as vitamins, minerals, herbs, meal supplements and other similar products - is also a booming sector, with a recent TechNavio market research report stating that the UK market is currently valued at £100 million as owners become increasingly concerned about the health and comfort of their pets.
Pet health has also driven the UK pet food market to an all-time high, growing from £67 billion in 2018, to an approximate £102 billon by 2024 (Euromonitor). Many pet owners are now seeking food for their companions that reflects their own taste and lifestyle. As a result, there has been an increase in premium and nutritional products - with ‘natural’, ‘raw’ and ‘organic’ food on the rise as an animal’s health becomes as important as ours.
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