Pet accessories market expected to top £1bn by 2021
New research from Mintel reveals that nearly a quarter (24 percent) of the UK’s pet owners say it’s important to keep up-to-date with the latest styles of pet accessories.
Today’s pet owners truly believe their four legged friends are enjoying the gifts they bestow upon them. More than half (56 percent) of pet owners say that pets appreciate being given new accessories, rising to 62 percent of owners aged 16-44.
What’s more, highlighting the importance of looking good, almost a quarter (23 percent) of owners believe that the style of pet accessories matters more than the quality, claims market intelligence agency, Mintel, in its new Petcare 2017 report.
Dressing up pooches seems to be a rising trend, inspired by the likes of Paris Hilton and TOWIE’s Jessica Wright. 31 percent of pet owners say that outfits for pets are ‘cute’, rising to 42 percent of owners aged 16-34.
A growing market
Last year, animal loving Brits spent £884 million on petcare accessories, while in 2017 sales are set to increase by a further 3 percent to reach an impressive £908 million. By 2021, Brits are expected to shell out in excess of £1 billion on accessories for their beloved pets.
Jane Westgarth, Senior Retail Analyst at Mintel, said: “People indulge their pets, including them in celebrations, buying them gifts, stylish accessories and toys. Humanisation of pets means that owners will spend more to help their pets feel happy, healthy and remain active.
“More than half of pet owners believe that pets appreciate being given new accessories and this trend is helping bolster the market for stylish accessories, as well as premium healthcare items that mirror trends in human supplements and toiletries. In the home, demand for stylish pet beds and houses is growing, as people want their pet accessories to fit with their décor.”
Highest spenders
As many as 84 percent of pet owners have bought petcare accessories over the past year rising to 89 percent of dog owners. On average, pet owners spent £43 on pet accessories each month. Men (£57) are the highest spenders but there is a decrease in average spend with age. Indeed, Millennials (aged 18-37) are more inclined to buy toys and a wider range of accessories for their pets, spending around £65 on average each month.
Highlighting the importance younger consumers place on treating their pets, some 51 percent of 16-34s agree that it is important to buy gifts for their pets to celebrate occasions such as birthdays or Christmas. As many as three in ten (30 percent) 16-24s bought a Christmas stocking for their pets in the last 12 months.
Popular accessories
Overall, when it comes to the most popular accessories, toys are top dog, as more than half (55 percent) of pet owners have purchased a toy in the past 12 months. Meanwhile, more than a third (35 percent) of pet owners have splashed out on beds, baskets and bedding and 33 percent have indulged in collars, leads and leashes.
Over two in five (43 percent) pet owners agree that automatic toys and accessories for pets, such as ball throwers and automatic feeders, are an attractive idea. Half (51 percent) of pet owners are interested in wearable activity monitors and 27 percent believe that fitness monitors would improve their pet’s activity levels. Finally, a third (33 percent) of pet owners are interested in an interactive games console for pets.
“Humanisation of pets is also extending to include fitness monitors that make sure the pet is getting the exercise it needs, as well as performance accessories, such as cooling jackets, for active dogs. While Brits are keen to lavish pets with the latest technology, today’s time pressed owners are seeking out convenience and this is driving demand for automated accessories that can feed or entertain a pet left alone.” Jane concludes.
