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UK: Pet ownership continues to grow even though cost of living surges

UK: Pet ownership continues to grow even though cost of living surges
UK: Pet ownership continues to grow even though cost of living surges

Amidst the Covid-19 pandemic, pet ownership in the United Kingdom has reportedly continued to grow, with Pets at Home, a British pet supplies retailer, anticipating record profit and sales.

The company reported a ‘record Christmas’ with robust revenue growth throughout its 445 UK stores including 300 vet and grooming locations.

Sales rose 8.7% in the third quarter compared to 2020 and 28.1% compared to 2019.

According to Pets at Home’s CEO, Peter Pritchard, people are unlikely to hold back their pet spending, despite the ongoing cost of living crisis in the country. 

Pritchard further added that history shows that cutting back on pets is among the last things people do; they are more willing to cut back on a vacation or a big impulsive expenditure.

Pets at Home stated in a trading statement that it was encountering a lot of inflationary concerns throughout its supply chain and that the business intends to address such pressures by requesting rent reductions at its stores and 'operational efficiency' across the business.

Pritchard acknowledged that consumers were under duress. He added that the company wants to keep pet ownership incredibly reasonable for its customers.

During the 12-week period starting from October 8 to December 30, 2021, he claimed that the firm was on track to record a breakthrough year of revenue and earnings growth, adding that the business had assisted more pet owners than ever before.

The CEO revealed that the lockdown-induced pet-buying frenzy was showing no signs of subsiding, with the business's retail section receiving 25,000 new customers every week while its vet business receives more than 9,000 new customer bookings weekly.

The Pet Food Manufactures' Association reported in March 2021 that 3.2 million families in Britain got a new pet since the Covid-19 pandemic began.

Source credit: https://www.bbc.com/news/business-60137427

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.