The prices of most commodities are increasing and most people are looking at ways of reducing their expenses. However, the new study shows that many people are showing little inclination to reduce their expenses. In 2011-12 the total turnover of the pet industry in Australia was $7.88 billion which is higher than 2010-11 levels by about $0.38 billion.
In the study it was found that more than 10 million households in Australia have pets and they spend about $1460 every year on their animal friend. A major component of pet expenses is the expenses on food. It was found that out of the $7.88 billion spent by pet owners on their animal friend, $2.8 billion was spent on their food. Vet bills were another major component of pet food expenses as pet owners spent about $1.7 billion on vet bills. Spending on boarding, clipping and other services were about $1.1 in 2011-12.
Most people will be surprised at the fact that people spent about $810 million a year on items like handbags and collars for their pet.
Some people are of the view that certain television and print media programs are increasing pet expenses. When people hear or read about these programs they start implementing the new age treatments recommended by the programs which is increasing their expenses.
In past few years, there are many companies in Australia who have started advertising specialised services that they are offering. When pet owners come across these services, they want to get these services for their pet which is increasing their expenses.