Pets win prizes as recession bites
- Credit card spending on pets doubles in a year, says Virgin Money
Pet owners have doubled spending on their four-legged friends despite the recession putting pressure on household finances, analysis of Virgin Money Credit Card data shows.
Research into credit card data reveals that monthly spending on pets and pet food reached over £1 million in April 2009, a rise of over £350,000 from the same month last year (2008).
Spending data from the Virgin Money Credit Card shows total spending for 2008 stood at close to £10 million and so far this year is £1 million higher than the comparable period of 2008.
However Virgin Money warns that the ongoing squeeze on pay packets and household budgets could hit spending on pets and particularly on insurance and vets’ bills.
The RSPCA* has warned that more than 11,586 pets were abandoned in 2008 – around 30-a-day - compared with 7,347 the previous year.
Grant Bather, spokesperson at Virgin Money, said: “Britain is a nation of animal lovers and spending on pets has raced away despite the effect of the recession on people’s finances.
“There is plenty of evidence of people cutting back across the board but some things are immune and so far that appears to be pets.
“However, with less available disposable income, peoples’ wallets are going to be stretched should they have to fork out for a trip to the vet. We’d urge pet owners to insure they are protected and have insurance.”
Virgin Money** research shows close to a quarter of the UK population say they are not confident about their ability to pay for protection insurance including pet insurance.
Virgin Money Pet Insurance offers three levels of affordable cover, starting from £4 a month. For every other pet you insure, Virgin Money will reduce the cost of cover by 5%.
Virgin Money Pet Insurance offers three levels of affordable cover for cats or dogs starting from just £4 a month. And for pet purchases the Virgin credit card offers 0.0% per annum on card purchases for three months from the date of account opening and 16 months 0.0% per annum on balance transfers to new customers (plus a handling fee of 2.98%). The typical rate is 16.6% APR variable.
- Ends -
Notes to Editors
* Source: RSPCA, June 2009
** TNS interviewed a nationally representative sample of GB adults aged 16-64 online between 21-23 April 2009. The sample has been weighted to represent the adult population of GB and data grossed up by TNS.
For further information:
Grant Bather, Public Relations Manager, Virgin Money
07834 844 427
Kevan Reilly/Billy Partridge, Citigate Dewe Rogerson
0207 638 9571
About Virgin Money
Virgin Money is Virgin’s financial services arm and was established in 1995.
Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.
Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (www.fsa.gov.uk/register), Register Number: 179271