Spending on pets has soared some 76 per cent over the past five years1, according to Nationwide’s Spending report. The significant rise in spend follows a peak in pet ownership during the pandemic years.
Nationwide’s Spending Report2 – an analysis of more than 239 million debit card, credit card and Direct Debit transactions – shows c.£7.6 billion was spent overall in June. Spending overall was up 3% per cent compared to the previous year, while transactions were up 5% per cent.
The increased spend on pets is a theme that has emerged in recent years. With £51.8 million spent by Nationwide customers in the year to June, the total costs of keeping a furry, scaly of feathered friend outweighed total spend on childcare (£37.1m), gardening (£30,1m) or looking for love from a human companion (dating: £986k). There was a four per cent increase in spending on pets in the last 12 months alone.3
Separate Nationwide research4 of 1,000 pet owners showed the average person spends £126 per month2 on everything from food and treats to bedding and insurance. However, there are a range of additional costs which can sharply increase the cost, including dealing with long-term health issues (£361) or injuries (£338), pet trainer (£264), dental care (£262), dogwalker (£248), home repairs (£247), kennels (£245), grooming (£140) and vet bills (also £140).
However, ongoing cost-of-living pressures has led 14 per cent of owners to consider giving up their pet, with one in ten (10%) having to take the difficult decision of rehoming a pet.
Essential spending overview (full data by category in table below): the amount spent in June reached £4.2 billion down one per cent compared to the previous year, while the volume of transactions (c.121m) was up two per cent. Housing continues to account for the biggest rises with renters seeing an 18 per cent increase, while mortgage repayments increased 12 per cent. However, there were falls in spending on utilities (-17%) and discount stores (-6%).
Non-essential spending overview (full data by category in table below): at £3.4 billion, overall non-essential spending was up five per cent on last June while the number of transactions (c.118m) was up seven per cent. Euro 2024, combined with periods of warmer weather, also boosted spend, with some of the biggest rises recorded on gambling (+12%) and eating and drinking out (+10%). However, there were falls on spending on dating (-15%), DIY & home maintenance (-11%), gardening (-3%) and clothing and shoes (-3%).
Mark Nalder, Nationwide’s Strategy & Performance Director, said: “Costs have risen across the board in recent years and pet ownership is not immune from this. While people plan for everyday costs such as food or insurance, it is the additional costs that can soon mount up, such as kennel costs or vet bills and long-term health conditions not covered by insurance.
“Spending rose as we head into summer with more people travelling and discretionary spend in supermarkets increasing as the UK enjoyed the Euro’s tournament and the occasional opportunity to get out their BBQs.”
Britain’s biggest building society has a dedicated cost-of-living helpline5 (0800 030 40 66), with trained experts able to provide support in-branch, over the telephone or by video (see Notes to Editor). Support can range from conducting financial health checks to forbearance options for those facing financial difficulties.
