In fact, millennials now outnumber baby boomers in the number of people owning pets. In 2018, they spent an average of $173 per month on their pets, compared to $80 per month for baby boomers. Increasingly, millennials are also taking care of their pets and contributing to the growth of the industry. The biggest expense for pet owners was food and treats for their pups.
Acquired their first pets during the epidemic
Approximately two-thirds of American households have a dog, which is the most common breed across generations and among millennials. Millennials are the generation most likely to own a dog, with approximately 15% of those households owning a mixed-breed dog. In addition, 15 percent of Americans acquired their first pet during the recent pandemic. While this trend may be slowing down, the numbers still remain impressive.
Spending more money on pets than kids
In addition to dogs, millennials are also spending more money on pet supplies than on a child. Compared to a decade ago, pet spending has doubled in the United States. More than half of all American households spend the same or more on their pets than they do on their own. In fact, 1 in 10 millennials put off having children because of the cost of their pets. But that doesn’t mean that we can’t have more pets – Millennials are the most likely demographic to own pets, and pet care is an ongoing expense.
Pet ownership is still important
Despite these numbers, it’s still important to understand the differences in pet ownership. According to the American Pet Products Association, the number of dog households will increase to 73 percent in 2020. More than half of households own two dogs. The numbers for cat owners will increase from 43.1% in 2016 to 64.8% in 2022. Although millennials are more likely to own a dog than cat owners, the proportion of cats is lower than that of dog owners. The reason for the difference is the fact that there are more people owning a cat.
The most popular pets are cats and dogs
Currently, the most popular pets are cats and dogs. However, a growing segment of Gen Z will own a pet, and the total number of dogs in the US will reach 75 million by 2022. These pets will also be owned by 3.5 million households. In contrast, a small portion of the millennials will own a cat. If you’re a dog owner, this is a significant trend for the industry.
The number of dog owners will double
According to the study, the number of households owning a dog will double by 2022. As a result, the millennials will be the largest age group to own a pet, and so will Gen X. The survey further shows that over 30 million households will own a cat. The younger population will also spend more on the purchase of a pet, making the total household spending on a pet a $1,909 per year commodity by 2030.
Despite the millennial generation’s desire for a pet, it’s not uncommon to see a dog in the household. Its owners will often have a dog as a companion and a friend. While this might seem like an unnecessary addition to a family, it’s an important addition to the household. Fortunately, it will be an added bonus for the future of the U.S. economy.