Millennials spend like crazy on their ‘fur-babies’
Sales of pet products are on the rise and Millennials are leading the charge. In fact, Millennials own over one-third of all pets in the United States. Out of the 72 percent of Millennials that own pets, 67 percent consider these pets their “fur-babies” and treat them like their children.
The trend, understandably, has major financial implications for retailers. TD Ameritrade found that Millennial pet owners shell out major cash on their “fur-babies” annually, with dog owners spending $1,285 a year on their pups and cat owners spending an average of $915 on their feline friends.
RetailTouchPoints reports, “In a recent survey, e-retailer Zulily found that Millennial pet owners view their pets more like their children than previous generations, and almost all of them (92 percent) purchase gifts such as toys, clothing and treats for pets. More than half of Millennial men (55 percent) purchase gifts for their pets once a month or more, as do 47 percent of women. Millennials who buy their pets gifts on a monthly basis do so four times a month on average.”
Pet boutiques are popping up in every neighborhood and spending on pet Halloween costumes hit a new record last year. The National Retail Federation estimated that 16 percent of all Americans dressed their pets for Halloween in 2017 and the growing pet costume industry accounted for $440 million in retail sales last year alone.
It’s not that Millennials necessarily have the extra income to spend on treats and toys for their pets, but they are willing to make sacrifices for the well-being of their “fur-babies.” USA Today reports that, “Millennials expect to spend more money on their dogs over the course of the pet’s lifetime than they do on their own lifetime health care costs.”
- National Pet Month: Here’s How Much Millennials Spend on Their Pets – USA Today
- Halloween Isn’t Just for Humans Anymore as Millions Are Getting Their Pets in on the Action – CNBC
- The Top 25 Pet Retailers in North America – Pet Business
- Zulily Pampers Millennial Pet Parents, Sees Sales Soar 33 percent – RetailTouchPoints
DISCUSSION QUESTIONS: Why do you think so many Millennials lavish spending on their pets the way they do? How can retailers use people’s love for their pets to create deeper connections with consumers?