#tbt: Millennials become largest pet-owning group
Baby boomers no longer own the most pets in the US
From Petfood Industry:
According to research presented by GfK at Global Pet Expo 2015, millennials are the largest US pet-owning group. Previously, baby boomers held that claim.
The GfK research from 2015 said 35.2% of the US’ 75 million millennials – age 18 to 34 – own a pet, compared with 32.8% of boomers. GfK’s data show 51.6% of all US households own a dog or cat; among Millennial households, the percentage rises to 57%, with another 20% reporting they intend to get a dog or cat.
And, according to a survey conducted by Purina in 2015, nearly half of millennials are cat owners.
For pet food manufacturers and marketers, probably the most positive findings from GfK indicate that 63% of Millennials agree pets should be pampered.
A more recent report from Packaged Facts says the trend will continue, and the future of the pet market belongs to millennials. Millennials will account for an ever growing share of pet expenditures in the years ahead because they represent a large population cohort that will be entering a stage of life when expenditures on pet products and services jump dramatically.
The report highlights how the essential economic optimism of millennials augurs well for the pet industry. For example, Packaged Facts National Online Consumer Survey data cited in the report show that pet owners in the 18- to 34-year-old age group are much more likely than those in the 35-and-over age group to expect to spend more for pet products and pet care services during the next few years.
If you've heard doomsday scenarios from pet industry experts about the decline of the pet-loving Baby Boomer generation-coupled with the fact that pet ownership tends to drop among older people-take heart. Millennials have supplanted Boomers as the largest US pet-owning population, according to data released by research firm GfK during Global Pet Expo 2015.