Study: Millennials Make Up a Quarter of All Pet Owners
A new report by research publisher Packaged Facts has shed some light on Millennial pet parents in their new report “Millennials as Pet Market Consumers”. It reveals that Millennials, who are between the ages of 18-34 today, account for an amazing 31 percent of all pet owners.
This report analyzed a few things: it analyzes trends in the growth of the population of Millennial pet owners, provides a demographic profile of Millennial pet owners, analyzes their attitudes toward their loveable pets and highlights their pet care practices. Because the American population is quickly aging and most can no longer afford high-end pet products after the age of 60, the onus is on the youngest adult generation to spend their money on pet products in order to keep the market alive. The population between 40-54 (who, you’d think would spend more on pet products because of a steady job, almost finished paying their mortgage off, etc) is actually expected to spend less on these products.
Therefore, with the Gen X and Baby Boomer Generation on the spending decline, it’s up to the Millennials to pick up the pieces. The number of pet owners who are 35 years old or older made increased by 14 percent between 2007 and 2015, while the number of Millennial pet owners grew a whopping 25 percent!
Upon further inspection, households headed by Millennials consumers spent almost $11 billion on their pets as early as 2014! This is great news for the pet product market. Packaged Facts suggested that, based on this data, Millennials will be responsible for adding another 2.6 million pet owners between 2015 and 2020. Not only does this put a smile on marketer’s faces, but it also means good news for dogs who are waiting to be adopted: your time could be soon!
Why this all spending? It’s pretty easy to explain: those who are between the ages of 18-34 today are entering (or have recently entered) a stage in their lives that allow for expanding their family by adding a four-legged member to the family and, in turn, buy products to keep their pet comfortable. This is usually the time where long-term jobs are landed and steady pay begins (clearly, I am an awful example of this trend). Furthermore, because we are not suffering through a major crisis such as a depression (although some would argue products are more expensive now than ever), this allows for spending on pets, something our grandparents and even some of our parents never had the financial means to do.
More by Diana Faria