The total transaction value (TTV) for pet purchases has increased by 118% from February 2020 to February 2023, new data from buy now pay later (BNPL) provider, Zip has shown.
The number of Zip users transacting at pet stores has also increased by 180% between February 2020 and February 2023, namely at merchants such as Petstock, Petbarn and Budget Pet Products.
According to a study conducted by Animal Medicines Australia, pet owners are spending $3,200 per dog and $2,100 per cat each year— primarily on food, veterinary services, and healthcare products.
“It’s incredible to see such a significant increase in pet-related purchases over the past three years, and it’s just testament to the fact that Aussies are passionate about their furry friends,” Zip chief customer officer, Steve Brennen said.
“We’re committed to supporting our customers in leading the lives they want to live, especially so when it comes to our beloved pet family members. We’re a product you can use for everyday and discretionary spending – whether you’re splashing out on a plush new bed, or you’re bulk-purchasing essential items.”
Zip customers also have access to Tap & Zip – a virtual Visa card accessed via the Apple or Google Pay wallet which allows customers to shop in store any pet shop in Australia where Visa is accepted.
“We have an incredible array of big-name merchants available to purchase your pet products from – however, we’re encouraging Australians to also support small businesses, and buy treats from the smaller, independent pet stores,” Brennan added.