Gen Z spend nearly a THIRD more on their pets

Whether it’s food, toys or treats, pet ownership comes at a cost - but the latest research from Go.Compare pet insurance has found that some are spending more than others.

The comparison site asked more than 1,200 UK pet owners how much they spend on their four-legged friends and found that people spend an average of £112 a month, including food, toys, treats, vet visits, doggy daycare, and any other items needed for their care*. This means that the average annual cost of pet ownership is £1,344.

Surprisingly, different age groups have very different spending habits when it comes to their pets: Gen Z (18-24-year-olds) are the most likely to pamper their pets, spending a whopping £145 on average every month - more than any other age group. Meanwhile, over 65s spend less than half this amount, with an average of £70 a month.

The research also revealed how pet spending varies across the UK. London-based pet owners have the highest monthly outgoings at £150 on average, followed by Scotland at £121 a month and the East Midlands at £117. Those in the South West spend the least on their pets, at an average of £90 a month.

Rhys Jones, pet insurance expert at Go.Compare, said: “It can be really exciting to welcome a new pet into the family, but it’s easy to forget about the financial impact. However, whether it’s cushy beds, food, or pet insurance, the costs of pet ownership can soon add up.

“When it comes to buying a new pet, our data shows that people pay £747 on average for a dog or puppy, and £196 for a cat or kitten**. However, we would always urge people to remember that pets are a long-term commitment both emotionally and financially.

“Our research shows that people are spending more than £100 every month on average to keep their pets well fed and taken care of, so the costs can add up quickly. Anyone considering pet ownership should consider those unexpected bills, too - such as emergency veterinary treatment.

“One important protection we think every pet owner should have in place is a great insurance policy, as this will make sure your pets receive the care they need without denting your bank balance. Make sure to compare policies online and consider the level of cover carefully - including whether you want it to include things like dental care. 

“Though accidents and illnesses are never something we want to think about, they do happen - and making sure you’re protected means you can focus on treats, toys and all the things your pet adores.”

For more information on pet insurance, the types of cover available and its benefits, visit: https://www.gocompare.com/pet-insurance/benefits-of-pet-insurance/.

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