MarketResearch.com published a blog post highlighting the top Millennial pet ownership trends that are shaping the future of the American pet industry.
Between 2007 and 2015, Millennials were responsible for 43% of the growth in the number of pet owners in the U.S. In 2014, Millennials spent a total of $10.6 billion on their pets. In the coming decade, Millennial consumers will play an even more significant role in the pet industry as they account for an ever-growing share of pet expenditures.
The blog post highlights four key trends:
- Millennials are driving pet ownership.
- Millennials are changing the way pet products are purchased.
- Millennials spend more on pet products and services.
- Millennials pay attention to the health and wellness of their pets.
The blog cites new research from the report Millennials as Pet Market Consumers by industry expert Packaged Facts. This report explains why and how marketers of pet products and pet care services need to be attuned to the expectations of Millennial pet owners as consumers.
Millennials are driving pet ownership.
The future of pet owners will depend on the Millennial generation. Millennial pet owners account for 31 percent of all pet owners and are more likely to own pets than those who are 35-and-over. Between 2007 and 2015, the number of Millennial pet owners grew 25 percent, while the number of pet owners 35-and-over only grew 14 percent. Millennials are going to play a key role in the market for pet products and services because they are the fastest growing group of owners. According to the Packaged Facts report Millennials as Pet Market Consumers, the Millennial generation will add 2.6 million pet owners between now and 2020.
Millennials are changing the way pet products are purchased.
Millennials are basically glued to their smartphones, so it’s no surprise that many mobile apps have been developed to help pet owners make their purchasing decisions. Mobile apps specifically for pet owners have features such as shopping lists, loyalty programs, delivery options, and QR scanning for discounts and promotions. Pet food delivery has also benefited from Millennial pet owners. Among Millennials, 18 percent of dog and 16 percent of cat owners use this service.