A PYMNTS Company

UK Watchdog Probes Veterinary Prices

By  |  September 7, 2023

The Competition and Markets Authority (CMA) is examining the UK’s £2bn veterinary market following concerns about rising pet care costs and a lack of shopping options for households

The CMA’s investigation was prompted by the falling number of independent practices, leading the watchdog to question whether pet owners are being left with few opportunities to compare prices.

Recent figures from the ONS show the cost of dog ownership jumped 12.8 percent in the last year, totaling around £2,500, while a lifetime of pet care may cost households up to £39,078.

Sarah Cardell, chief executive of the CMA, said: “Caring for an ill pet can create real financial pressure, particularly alongside other cost of living concerns . . . When a pet is unwell, they often need urgent treatment, which means that pet owners may not shop around for the best deal available. It’s really important that people get clear information and pricing to help them make the right choices,”

This sentiment was echoed by Sue Davies, head of consumer protection policy at Which?, who added: “Consumers have no choice but to turn to vets when their beloved pet is sick or injured – often footing eye-watering bills in the process.”

The CMA are set to provide an update on their review in early 2024, with the ultimate aim of making sure pet owners get the best possible deal when caring for their pets.

The review follows a survey from the Dogs Trust charity which found 80 per cent of owners were worried about the costs involved in looking after their pup.

Related: UK’s CMA Increasingly Hostile to Business, Says INEOS Chair

CMA’s spokeswoman, Emily Redfearn, commented: “The cost of caring for a sick pet can be significant. We need to make sure that pet owners are making informed decisions as well as getting value for money when buying veterinary services.”

The CMA is calling on pet owners to share their experiences with the vet industry at this time, and wants professionals within the sector to make sure they are providing good quality services and charging fair prices.

The Competition and Markets Authority (CMA) is examining the UK’s £2bn veterinary market following concerns of rising costs of pet care and a lack of shopping options for households.

The CMA’s investigation was prompted by the falling number of independent practices, leading the watchdog to question whether pet owners are being left with few opportunities to compare prices.

Recent figures from the ONS show the cost of dog ownership jumped 12.8 per cent in the last year, totalling around £2,500, while a lifetime of pet care may cost households up to £39,078.

Sarah Cardell, chief executive of the CMA, said: “Caring for an ill pet can create real financial pressure, particularly alongside other cost of living concerns . . . When a pet is unwell, they often need urgent treatment, which means that pet owners may not shop around for the best deal available. It’s really important that people get clear information and pricing to help them make the right choices,”

This sentiment was echoed by Sue Davies, head of consumer protection policy at Which?, who added: “Consumers have no choice but to turn to vets when their beloved pet is sick or injured – often footing eye-watering bills in the process.”

The CMA is set to provide an update on their review in early 2024, with the ultimate aim of making sure pet owners get the best possible deal when caring for their pets.

The review follows a survey from the Dogs Trust charity which found 80 per cent of owners were worried about the costs involved in looking after their pup.

CMA’s spokeswoman, Emily Redfearn, commented: “The cost of caring for a sick pet can be significant. We need to make sure that pet owners are making informed decisions as well as getting value for money when buying veterinary services.”

The CMA is calling on pet owners to share their experiences with the vet industry at this time and wants professionals within the sector to make sure they are providing good quality services and charging fair prices.

Source: The Times