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Cash-rich millennials are splurging on ‘Pawsecco’, birthday cakes and matching pyjamas for their pampered pets
- Millennials have fuelled a massive boom in the pet gift and pamper industry
- Two out of five would spend as much on pets at Christmas as a relative or friend
- This year alone, pet owners will spend an eye-watering £1.7bn on their pets
- Creature comforts include ‘Pawsecco’, hampers and hand-made ‘pupcakes’
- Data research company Mintel predicts spending will increase 25% by 2023
From walkies to drinkies: Pawsecco, from woofandbrew.com, is just one of many treats millennials are splash out on for their pets
Millennials and young couples without children are fuelling a massive boom in the pet gift industry, with more than half saying they would rather splurge money on their furry friends than themselves.
Two out of five would also spend as much on their pets at Christmas, as they would for a close relative or friend.
This year alone, pet owners will spend an eye-watering £1.7billion on making sure man’s best friend (and all other creatures large and small) enjoy all the creature comforts the retail industry has to offer.
That includes everything from employing pet sitters and dog walkers to splashing out on Pawsecco, matching pyjamas and hand-made treats, hampers and ‘pupcakes’.
It’s a trend that’s only set to continue, according to data research company Mintel, which estimates a 25% increase in spending over the next five years.
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Cary Cooper, professor of organisational psychology and health at Manchester Business School, told the Observer: ‘Pets today are seen as substitute children, particularly by lonely, hard-working millennials and young couples who cannot afford to have kids yet.’
Among owners aged 39 to 53, such indulgence was not so readily heaped upon pets, with fewer than one in 10 spending as much as millenials are prepared to.
That could be partly down to older pet owners being more likely to have children – and therefore spending their hard-earned cash on their offspring.
Just like me: You and your pooch can dress in matching pyjamas, available from fabdog.com
But for millenials and those without children, the bond between owner and pet can be just as strong, according to Nickie Charles, a sociology professor at the University of Warwick.
‘People are incredibly emotionally attached to their pets nowadays – and it’s a very intimate, close relationship,’ she said.
Chana Baram, retail analyst at Mintel, added: ‘As pets increasingly become viewed as family members and are ‘humanised’, pet owners are willing to offer them their own products and unique items, which often carry a higher price tag, and help to drive category growth.
‘This ranges from animal-friendly pancakes and wine to dog hiking boots and animal sleeping bags, while the more pampered of pooches even enjoy dog beds with memory foam mattresses.’
Something to chew over: Theresa May dog toys are available from webuilt-thiscity.com
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