Pampered Pet Spending Reaches $12.2 Billion
Average household expenditure on pets is up by almost 30% in the past three years as owners increasingly treat them as part of the family.
A new report released today by Animal Medicines Australia, Pet Ownership in Australia 2016, shows nearly two in three Australian households (62%) now own a pet and, while many pets arrive in the family home at no cost, expenditure on pet products and services has now topped $12 billion annually.
Animal Medicines Australia Executive Director Mr Ben Stapley said that while total cat and dog ownership numbers show a small increase, average household expenditure on pets increased by 29% between 2013 and 2016, and by 31% per animal.
Mr Stapley said keeping a pet dog is now costing on average $1,495 each year, including $622 annually on pet food, $397 on veterinary services, $248 on pet healthcare products and over $100 each on grooming, other products and accessories.
Dog owners spend almost twice as much as those with cats. Spending on cats, dogs and fish have all increased by more than 30% since 2013.
“Most pet owners want to provide their pets with the best possible life, and are now spending more across an increasing range of pet supplies and services to keep them healthy and happy,” Mr Stapley said.
“There has been a shift away from bulk foods and supermarket shopping towards premium foods, with owners increasingly opting to shop for their pet needs at specialty pet superstores.
“Pet treats and pet healthcare products are growing rapidly, while owners are also seeking out food products made with natural and organic ingredients.”
Demand for specialist and therapeutic foods is also growing. Expenditures on pet dietary supplements grew by 13% in 2015 and is likely to be one of the fastest-growing categories in pet care in the future based on the speed of its growth in the US.
The report’s findings are based on a quantitative study of over 2,000 Australian households undertaken by Newgate Research on behalf of the AMA. Local and international data relating to expenditure has also been included.
SOURCE: Animal Medicines Australia is the peak body representing the leading animal health companies of Australia. 12 December 2016