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Pampered pooches and coddled cats are treated better than ever.
UK pet owners spend almost £500 ($620) a year on luxury items for their furry friends in a skyrocketing luxury pet market, according to data from MoneySuperMarket. These purchases include designer clothes, expensive bedding, toys, and even gourmet treats.
One of the biggest reasons for the increased interest is the fact that more people have pets because of Covid-19, Forbes reported. But a surprising trend emerging from the dog pandemic is putting Fido first.
“People enjoy spoiling their dogs because it makes them feel better, and they’ll treat their pets before they treat themselves,” says Katja Schell, owner of UK luxury doggie boutique Eric & Dolly’s, in publication. “A customer, a girl, came in to spend her birthday money on something nice for her dog. People love high-end accessories, coats, harnesses, and toys, but for for many customers, just buying a small gift for their dog brings them a lot of pleasure.
And America seems to be following the trend of dropping a lot of money on man’s best friend. Pet spending reached $136.8 billion in the US last year, up nearly 11 percent from 2021, according to data released in March by the American Pet Products Association (APPA). A total of $58.1 billion of that money was spent on foods and meals; it was the highest spending category, as well as the category with the largest increase at 16.2 percent.
Late last year, an analyst for market-research firm Mintel told Insider that America’s affluent millennials have created higher sales in America’s luxury pet sector.
“As they become higher earners than before, they may spend on things with less purpose,” Kristen Boesel, a senior lifestyles and leisure analyst at the company, told the outlet. “And as they have children later, they adopt pets and transfer some of their parenting to them first. This created an opportunity for niche products that make pets’ lives more comfortable.”
Jenny Tsai, founder and CEO of influencer analytics company WeArisma, echoed these sentiments Forbes, explaining that luxury companies view the sector as having great financial potential. “It has become an important marketing channel for luxury brands with pet lines such as Gucci, Celine and Moncler,” Tsai said.
