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Tuesday, 27th July 2004 (6066 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.<BR/><BR/>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.<BR/><BR/>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. <BR/><BR/>"On the contrary, as incomes rise, luxuries become necessities and the cost of necessities is experienced as a burden."<BR/><BR/>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.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3113883"/>

 

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