The post European Pet Owners Willing to Spend €14.378 Billion on Pet Tech, According to New Research appeared first on Katzenworld - Welcome to the world of cats!.
- New research from Distrelec reveals European pet owners would be willing to spend an average of €158 per year on pet tech. Or as much as €14.378 BILLION* combined across the continent.
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Over two-fifths (45%) of Europeans said that “pet tech is the future of pet ownership”
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41% of Europeans agreed they have cybersecurity concerns when using pet tech
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Across Europe, the most popular concept pet tech product was a ‘pet nutrition scanner’. Over half (52%) of respondents showed interest in this concept product.
The European pet tech market is estimated to grow at a compound annual growth rate (CAGR) of 20.7% during the forecast period of 2023-28, and pet tech as an industry is set to be worth €70.38 ($61.2) billion globally by 2030.
As such, new research from Distrelec reveals that combined, European pet owners could be willing to spend as much as €14.378 BILLION a year on pet tech.
Below, Distrelec (a leading European distributor of technical components) explores the world of pet tech, revealing the pet tech gadgets most likely to be popular with pet owners in the future, which existing products are their favourites, as well as the opinions of pet tech and how much owners would be willing to spend across European countries:
Which concept pet technologies are European pet owners most excited about?
The possibilities of technology in the future seem limitless with the progression of smart IoT devices, including pet wearables, monitors and interactive cameras, GPS collars, and many other available technologies already on the market.
Compared to the other European countries included in Distrelec’s research, Switzerland was the country most receptive and excited about future pet tech concepts.
Distrelec shared a list of not-yet-invented pet tech, alongside some already patented concepts, revealing:
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Across Europe, the most popular concept pet tech product was a ‘pet nutrition scanner’. Over half (52%) of respondents showed interest in this concept product.
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The second most popular concept product was a ‘language translator’, with over half of the participants (51%) showing interest, followed by ‘smart warming/cooling cushion’ and ‘self-closing poo bags’, both with 50% interest.
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The least popular pet gadget across the European countries surveyed was the ‘pet walking robot’, with only a 30% interest rate.
Which existing pet tech are European pet owners most likely to purchase?
The type of technology used in existing pet tech on the market is already advanced and can be categorised into GPS, RFID (radio-frequency indication) and sensor technology for most products.
The survey data revealed that ‘GPS trackers’, overall, are the type of existing pet tech that Europeans would be most likely to purchase, with 37% showing interest.
‘Pet water fountains’ were the second-most wanted pet tech, with around 3 in 10 (31%) interest across European countries. Third was ‘pet feeders’, with 29% of all respondents interested in purchasing, showing that tech that takes care of the essentials proved popular.
However, the least popular pet tech product across Europe was ‘smart pet beds’ to monitor sleep (9%).
How do European pet owners feel about pet tech?
Almost half (46%) of European households own a pet, and the data reveals that pet owners in Switzerland are the most open and receptive to the impact of pet tech. The least positive reaction came from French pet owners, who lack confidence in the future of pet technology.
Perhaps unsurprisingly, the age group of pet owners most ready to adopt pet tech into their daily lives was 25-34-year-olds, while those over 65 were the least convinced that pet tech would have a positive impact on their lives with their pets.
What’s more:
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Over two-fifths (45%) of Europeans said that “pet tech is the future of pet ownership”
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42% of pet owners think pet tech would substantially improve their and their pet’s lives.
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44% of Europeans said they would feel comfort/assured knowing their pet would be better cared for with pet tech
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41% said they think pet tech improves the relationship between owner and pet.
Do European pet owners have cybersecurity concerns with pet tech?
Whilst across the findings, pet owners in Switzerland have shown huge interest and positivity around pet tech, they’re the country with the most concerns. University studies have shown that some pet tech has leaked information about users, so Distrelec wanted to determine how cat and dog owners in Europe feel about a potential cybersecurity breach.
Across the board, 41% of Europeans agreed they have cybersecurity concerns when using pet tech. Interestingly, even though pet owners in Switzerland have been the most constantly interested in pet tech throughout the results, they’re also the most concerned about pet tech cybersecurity, with over half (52%) agreeing that it’s a concern.
They may be the most interested in using pet tech, but 25-34-year-olds also have the most concern when it comes to cybersecurity risk in pet tech (54%), followed by 35-44-year-olds (47%) and 18-24-year-olds (46%). While younger generations are keen to adopt pet tech into their lives, they’re also cautious and educated on the potential risks to be aware of.
How much are European pet owners willing to spend on pet tech?
For the most part, pet tech is broken into four categories, with Distrelec’s research also revealing which categories in Europe they’d likely spend the most on. When asked how much pet owners would spend across pet tech in all categories within one year, the average amount was €158. What’s more;
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Home pet care and well-being came out on top, with 46% stating this is where they’ve invested the most money. Pet owner convenience was next with 20% of the vote, followed by pet safety (18%) and communication and entertainment at 10%.
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Swiss pet owners are willing to spend the most on pet tech with an average of €251, and France the least, with €102.
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Women are likely to spend more money on pet tech than men, with an average of €168 compared to men, who would spend an average of €148.
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The 25-34 age range are the biggest spenders on pet tech, with an average spend of €209, followed by 18-24 year olds (€176) and 35-40 year olds at €161. The 65+ age bracket is willing to spend the least on pet tech (€81).
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