Pets not only conquer people’s hearts, but also entire markets. Even in times of crisis, spending increases – driven by the desire for closeness, happiness and well-being.
Emotional impact
Today, pets are much more than just animal companions. They are seen as family members for whom people are willing to spend significant sums – even in difficult economic times. Psychological studies show that spending on pets sustainably increases personal feelings of happiness, says psychology professor Hal Herzog in an article in Psychology Today magazine.
A 2021 study by Michael W. White and colleagues also confirmed this assumption: participants who spent five US dollars on their pet were significantly happier than those who spent the money on themselves or others. The emotional connection to pets is also expressed worldwide in a high financial commitment; even under difficult economic conditions, people would not save on their pets, according to Psychology Today.
Source of health and quality of life
In addition to the financial aspect, owning pets also offers significant health and psychological benefits. Pet owners report increased self-esteem, higher life satisfaction and reduced feelings of loneliness, it goes on to say. Close contact with pets also promotes physical activity, especially among dog owners, and has a positive effect on the risk of cardiovascular disease. Interacting with pets also leads to increased release of the bonding hormone oxytocin, which not only reduces stress, but also alleviates fears and strengthens trust. This means that animals have an extremely positive effect on human well-being and health – findings that have been confirmed by the American Psychiatric Association, the most important association of psychiatrists in the USA.
Humanization of pets
The emotional enhancement of pets leads to a social development that the pet industry calls the humanization of pets. Pets are increasingly being treated like family members, which is reflected not only in high-quality food or toys, but also in wellness offers, insurance and even special funeral arrangements. The Guardian emphasizes that buying designer bowls, organic treats or dog jackets makes a statement.
This strong emotional bond also leads to a moral shift. Herzog describes this phenomenon as “pet speciesism”, an attitude in which pets are emotionally and morally valued significantly higher than other animal species. This thinking significantly shapes consumer behavior and the social role of pets. The English writer George Orwell captured this in his fable “Animal Farm” in 1945: “All animals are equal. But some are more equal than others.”
Billions spent in Germany
In Germany, love for pets can be clearly measured economically. According to SPIEGEL, German households spend several billion euros on their pets. The “numbers confirm that pets are particularly popular with families, but at the same time they also play an important role as a social partner for people living alone,” explained Georg Müller, chairman of the Pet Supplies Industry Association (IVH), to SPIEGEL. These effects are reinforced by social media, as prominent people such as Taylor Swift, Billie Eilish and Lady Gaga regularly present their pets.
Many brands therefore rely on supporting animals in their advertising in order to create emotional closeness to the target group, as ScienceDirect reports. The use of animals is intended to create an incentive to buy and ensures that spending on behalf of beloved pets is no longer just a matter of the heart, but becomes an economic factor worth billions.
Editorial team finanzen.net
