A new study shows that the number of people owning a pet will double between 2012 and 2022. The reasons vary, from a lack of financial resources to the desire to own a pampered pet. While cats and dogs are the most common types of pets, other animals like reptiles, amphibians, and fish are becoming increasingly popular. In fact, more than 12.2% of U.S. households will own an animal other than a cat or dog in 2022.
The tendency to keep dogs and cats will also increase in the future
The millennial generation is expected to make up a majority of pet owners by 2022. This group is predicted to own a pet seven times as many as Baby Boomers. However, Generation X and baby boomers will remain the largest groups to own pets. There will also be a growing trend of dog and cat adoption in the future. For more details on pet adoption in the United States, you can read the full article.
By 2022, there will be a majority of pet owners
A new survey also indicates that millennials will make up the majority of pet owners in 2022. These individuals will represent 32 percent of households in the U.S. in the year 2022, while Baby Boomers and Generation Xers will make up 24 percent. Millennials and Gen Xers will also make up a majority of households with pets. Compared to the Millennials and baby boomers, Generation Z will make up the least significant segment of pet owners.
Will create the largest market share
While the number of pet owners has increased in recent years, millennials will make up the largest segment in the market. The percentage of households with pets has decreased for generations, while gen X will probably lose their share of pet ownership. The Millennial generation is also the largest influence on first-time homebuyers, according to the APPA survey. A recent study shows that millennials are more likely to own a dog or cat than baby boomers, and nearly half of these respondents are more likely to own a cat or dog.
Two-thirds of humans will have a pet
Millennials are more likely to own a pet than Baby Boomers and Generation Xers. In the next five years, the American population will have more pets than it did in 2012. By 2022, the average American household will spend $1,909 per year on pets. This is an increase of 14.3% over the last decade. By 2030, more millennials will have a pet than ever before. A study conducted by AlphaWise found that two-thirds of these people will have a pet by the end of the decade.
The number of people, including pets, will exceed one billion
In 2020, the number of people with pets will exceed one billion. The number of dogs and cats will grow by over four-fold over the next five years. In addition, the number of households with pets will increase to two million by 2022. But while pet ownership has grown over the last decade, younger pet owners will spend more money on their pets than their older counterparts. By 2022, the average pet owner will spend more than $1,900 per year on their pets.
The American Pet Products Association conducted a nationwide survey in April 2016 and found that millennials are now the biggest cohort of pet owners in the US. This group is also the largest in the US. But while millennials may be more likely to own a pet than other age groups, it is still important to note that the number of children is increasing. In addition, a new study has also shown that the amount of elderly pet owners is increasing.