Australians’ love for their pets has been reflected in their spending habits, with Commonwealth Bank data showing that spending on furry, feathered or finned friends increased by more than 90 per cent over the last two years.
Pet chefs, costumes, spa treatments and weekends away are just some of the ways that Aussies are pampering their pets, with spending by CBA customers topping $743 million in 2017. Although spending at vets remained the largest expense for pet owners, spending at pet shops, and on pet food and suppliers experienced the largest growth up $179 million since 2015.
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,” Ms McCormack said.
“It’s impossible to put a price on the joy pets bring to our families and households, but it’s important that pet owners track their spending using the CommBank app to ensure they don’t go over their budget. Customers can also receive real-time alerts via the CommBank app whenever they use their credit or debit card so they can actively track their spending.”
Adrian Task, co-owner of dog boutique DOGUE, said the business had seen a growing number of people looking to care for their dogs, seeking everything from stylish accessories, high quality grooming through to luxury retreats.
“Previously, owners were constricted with a limited range of quality products available. Since we opened in 1998, we have seen a huge increase in the number of customers interested in spoiling their dogs, and we have expanded our range to meet customer demand,” Mr Task said.
Aussie pet spending findings include:
- 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.
Note for editors: The Commonwealth Bank Pet spending data was recorded from 2015 – 2017 and includes two years of pet spending. The categories monitored were: pet suppliers and pet shops, vet sending, pet food, products and services.