Research by Money SuperMarket suggests that Brits spend an average of almost £500 on luxury items each year… for their dogs!
According to a survey conducted in February by Research Without Borders, over two thirds of pet owners will spend more money on their pet than on themselves. People aged 18-24 are willing to spend more money on their pets than those over 55; among the most sought-after items are calming dog beds, intercom cameras, and dog ice cream.
“Concern over pet welfare is also on pet owners’ minds, especially with more people returning to offices,” a comment by MoneySuperMarket reads. “Just over one in three owners are concerned that their return to work will have an impact on their pets’ anxiety. As a result, over a third are more willing to purchase therapy for their beloved animals than themselves.”
“It’s clear that we are a nation that really cares about the wellbeing of our pets, but the costs can add up”
However, some owners struggle financially when it comes to meeting all their dogs’ needs – with almost three in 10 of respondents saying they struggle to afford pet insurance and two in 10 “willing to risk not purchasing pet insurance to save money”.
Alex Jones, pet insurance expert at MoneySuperMarket, commented, “With 35 per cent 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.”
While a simple freak accident or sudden illness may require costly veterinary care many pet owners would struggle to afford, Dogs Today often receives word from readers who see their premiums go up year by year despite making hardly any claim.
Some went on to cancel the insurance altogether, as it has simply become too expensive – although this doesn’t mean they would risk their pet’s heath, as many said they’d be prepared to take out a loan in order to pay vet bills.