Spending on pets has paws-itively exploded, increases 90%

Spending on pets has paws-itively exploded, increases 90%

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.

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To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).

If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.

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A bank account for a child can be opened online, over the phone or in a branch in a few easy steps. The minimum age a child can open a bank account for themselves usually ranges between 12 and 14.

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To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).

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