With an average annual consumption of £500 per person, the pet economy in the UK is booming

Compared with the domestic pet economy, which is still in its infancy, the penetration rate of pets in European and American households is relatively high, the market system is relatively complete, and people are willing to spend more on their pets. According to a survey by MoneySuperMarket, the average British person spends nearly 500 pounds on pet luxury goods each year .

Data shows that about 70% of respondents are willing to spend more on their pets than on themselves. Young people are the main consumer group, and those aged 18-24 spend more than twice as much on pets as those over 55, spending an average of £759 and £308 per year on luxury pet products.

Pets are mainly cats and dogs, with Labrador and short-haired cats being more popular. In terms of products, popular products for dogs include dog calming beds, intercom cameras, dog ice cream, stairs, CBD supplements , etc.; and for cats, they include cat play towers, GPS trackers, smart cat litter for health monitoring, ground catnip, vegan cat food , etc.

With the prosperity of the pet market, consumers' requirements for pet products are gradually increasing, and smart products have become the general trend. The more common ones are automatic feeders and automatic water dispensers, which can well manage the daily diet of pets. Compared with other pet products, pet smart devices have the fastest growth rate in terms of market demand and transaction volume, and have great potential.

In addition to daily necessities, pet mental health is also a focus for consumers. As people begin to return to the office, more than a third of owners are concerned about anxiety for their pets and are willing to purchase related treatments for their beloved pets.

On the other hand, about 26% of respondents said that various pet expenses are expensive and they cannot afford treatment costs, including pet insurance, and about 17% of owners do not purchase insurance to save money.

The epidemic has further promoted the growth of the pet economy in Europe and the United States. As a popular track, sellers must also combine market distribution and consumer demand to make their products more targeted and innovative.

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