Why the Luxury Market for Pets Is Exploding
Pampered pooches and coddled cats are getting treated better than ever.
Pet owners in the U.K. are spending 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 included designer clothing, luxury beds, toys, and even gourmet treats.
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One of the biggest reasons for the augmented interest is the fact that more people have pets due to Covid-19, Forbes reported. But a surprising trend emerging from those pandemic pooches is putting Fido first.
“People enjoy spoiling their dogs because it makes them feel better, and they will treat their pets before they treat themselves,” Katja Schell, owner of U.K. luxury doggie boutique Eric & Dolly’s, told the publication. “One customer, a young girl, came in to spend her birthday money on something nice for her dog. People love the high-end accessories, coats, harnesses, and toys, but 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 amounted to $136.8 billion in the U.S. 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 treats; it was the highest spending category, as well as the category with the biggest increase at 16.2 percent.
Late last year, an analyst for market-research firm Mintel told Insider that wealthy millennials in America have created increased sales in America’s luxury pet sector.
“As they become higher earners than before, they can spend on things that have less of a functional purpose,” Kristen Boesel, a senior lifestyles and leisure analyst at the company, told the outlet. “And as they’re having children later, they’re adopting pets and transferring some of their parenting urges onto them first. It has created an opportunity for niche products that makes pets’ lives more comfortable.”
Jenny Tsai, founder and CEO of influencer analytics company WeArisma, echoed these sentiments to Forbes, explaining that luxury companies have eyed the sector as having great financial potential. “This has also become an important marketing channel for luxury brands with pet lines such as Gucci, Celine and Moncler,” Tsai said.
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