Tuesday, 27th July 2004 (4564 views)

A new market could be emerging for jewellers, as latest reports suggest Australian consumers are spend increasingly more money on pets and purchasing items for them such as jewellery.

According to an Australia Institute report 'Overconsumption of Pet Food in Australia', Australians are now spending over $2.2 billion on their pets compared to foreign aid spending of less than $2 billion.

Director Richard Denniss told The Australian: "Rising incomes do not seem to lead Australians to the belief that they are now so well off that they can afford to indulge the imagined desires of their pets.

"On the contrary, as incomes rise, luxuries become necessities and the cost of necessities is experienced as a burden."

Many affluent consumers are now said to be buying diamond jewellery for their dogs and considering items such as a nine carat gold heart with diamond, priced at $875.

 

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