The booming business of luxury for pets

Companies from various sectors are targeting pet parents who are looking for high-end products and services for their furry friends.

The COVID-19 pandemic brought about a critical change in buying behavior. Among other things, it boosted the consumption of products within the premium segment, both for people and their pets. In a bid to take advantage of the rising number of pet owners around the world, companies are trying to seduce a new audience of consumers who do not mind spending more money to provide the highest level of comfort to their pets.

Although there is no clear pattern so far, industry insiders believe that the most significant growth in interest in this specific segment is currently occurring among pet parents in the US, the UK and the Asia- Pacific region. Recent data from Money Super Market shows that pet owners in the UK spend almost £500 (€592 / $654) per year on luxury items for their pets, especially treats and toys. In addition, more than 7 out of 10 are willing to spend more on luxuries for their animals than for themselves.