Why are people spending so much money on horses?
By now, you’ve probably heard the news that horse-related spending is increasing at an alarming rate.
We’ve already seen the surge in spending on luxury goods such as expensive trainers, and now we’re seeing the growth in horse-specific spending as well.
“People are spending more on horses, and they’re spending more than ever before,” said Paul Taylor, founder and chief executive of The Horse Man, a luxury horse dealership in Sydney.
His sales of horses and ranches have increased by more than $100 million since 2009.
Taylor said that his sales of his business have been boosted by a change in horse behaviour.
“[The trend] has been people have become much more respectful towards horses,” he said.
As a result, he said that horse trainers are seeing a bigger and bigger proportion of their sales, as more and more horse trainers become interested in buying horses.
“We’ve had people come in and say, ‘I want to buy a horse, and I’d like to get a little bit of exposure with it,'” he said, referring to the trainers who would show off their horses to prospective buyers.
“People have become more and better at communicating with horses, they’re much more aware of them, and the more they learn about horses, the better they are at managing them.”
“It’s all about the experience, the knowledge, and getting them into the right mindset, so they can understand what it’s like to be a horse.”
A recent survey by the Australian Horse Industry Research and Information Centre (AHIRIC) found that the average horse-owner was spending about $600 per week on their horse, while a survey by US-based consultancy firm AHS found that horse ownership was the number one reason people bought a horse.
So, why are people so keen on owning horses?
“The fact that people want to be part of the horse world is because they feel like it’s a part of their heritage,” Taylor said.
“They want to have a sense of ownership over their horses.”
The survey also revealed that the vast majority of owners surveyed felt they were at least as comfortable owning a horse as a car.
This perception may not come as a surprise, as the majority of Australians say that horses have a high social value and are well cared for.
But that’s not all that’s behind the increased spending on horses.
The horse has also become a major part of Australian culture.
There’s a saying that says that every country has its own horse, so it’s not that hard to see why people are drawn to the Australian brand.
For example, a recent study found that Australians love to wear Australian horse collars.
And in 2015, an online survey by Australian retail giant Footscray found that more than 60 per cent of shoppers were keen to own a horse to show off.
With a population of more than 6 million people, the country’s horse market is estimated to be worth $12 billion.
If you or someone you know is interested in purchasing a horse from Taylor, you can book your appointment today.
Find out more about buying a horse with Paul Taylor and his horse business here.