In post-pandemic Britain, there is one area where Covid continues to create a tail effect: spending on pets continues to soar, even as the economy moves on from the lockdown years.
Pampered pooches and pussycats have helped spending on domestic animals run up by a whisker-twitching 76% in the last five years.
The rise was collared by number-crunchers at Nationwide, who looked at actual transaction data over the year-to-date. Over the last 12 months, the increase was 4%.
Spending on petcare hit £51.8 million, more than on childcare, at £37.1 million. The mutually owned lender also found that its members spent less on “looking for love from a human companion”, a potentially broad-sounding category, but one which accounted for £986,000. Gardening, by comparison, hit £30.1 million.
In separate research carried out among 1,000 pet owners, Nationwide found the average monthly spend on their animals reached £126 “on everything from food and treats to bedding and insurance”.
And costs can go up even more if health issues strike, with long term problems costing £361 a month, while injuries can add £338 to the bill.
With cost-of-living pressures remaining a problem, 14% of pet owners have considered giving up their animal, with 10% actually being rehomed.
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”.
Nationwide’s monitoring of “essential spending” found a 12% rise in mortgage repayments, while rents were up 18%. Utility spending fell 17%, as energy bills continued to normalise.
