The amount Australians spend on their furry friends has increased by 90 per cent over the last two years, according to research from Commonwealth Bank.
CBA customers spent over $743 million on pet chefs, costumes, spa treatments and weekends away for their pets in 2017. While veterinary costs remained the highest expense for pet owners.
Pet food and suppliers experienced the largest growth in spending, increasing by $179 million since 2015.
CBA research into pet spending found:
- “We are spoiling our pets more frequently: Australians are making more pet purchases than ever, with transactions at pet stores totalling 4.5 million in 2017, up from 2 million in 2015.
- Australia’s most pampered pets are in NSW: NSW pet owners spend the most on their animals, accounting for over $231 million (or 31 per cent) of the nation’s total pet spend.
- Grandchildren may have extra competition: Compared to other generations, Australians aged between 51-60 years old are spending the most on their pets, accounting for 23 per cent of the total spend in 2017.
- Millennials on a tight leash with spending: Under 30s are the most budget conscious pet owners, spending $104 million a year (14 per cent) on their pets in 2017.”
Nicole McCormack, Deputy General Manager for Small Business at Commonwealth Bank, said “savvy businesses are getting creative by developing new services and products to help owners pamper their pets leading to a doubling in the number of pet-related purchases nationally in the last two years.
“Australian pet spending continues to rise and as a result we’re seeing more entrepreneurs launch niche small businesses to cater for the growing demand.
From pet-friendly hotels and bespoke food plans, to pet-sitting services and wearable tech, the pet care industry is booming,” said Ms McCormack.