Interesting research from The Pet Market, a new market assessment report from market intelligence providers Key Note Ltd., which shows that the decline in pet ownership over the last ten years is being offset by an increasing trend towards pampering pets.

According to Key Notes exclusive research, the number of respondents that owned any type of pet fell from 48% in February 2005 to 40% in February 2007. However the total market for pet products, including insurance, was £2.2bn in 2006, and increase of 11.1% on 2002.

Factors cited by Key Note as behind the drop in pet ownership included the trend towards smaller households and busier lifestyles. However, this has been offset by growing divorce rates, and an increase in people living alone who buy a pet for companionship. There has also been a trend towards having children later, with many people buying pets as 'surrogate children'. In both cases, owners seem to be prepared to spend more on their pet, for example buying them Christmas presents as they would for a friend or child.

The survey also revealed that 89% of owners are prepared to spend 'a bit extra' on premium food for their pet, in order to ensure it provides all the nutrients it needs. Interestingly, it was those in the lower social grades that were prepared to spend more on pet food: 97% of DEs, versus 83% of ABs. Fewer than 7% said they looked for the cheapest pet food available.

58% of owners said they only bought accessories when absolutely necessary. Despite this, half bought items such as toys at least twice a year.

Key Note predicts no major changes to these trends over the forthcoming 5 years.

The full report can be bought from Key Note for £880. Telephone 0208 4818750, or email: sales@keynote.co.uk