Millennials are Expected to Drive Pet Care Industry Growth
Americans spend over $95 billion a year on pet food and products, so there’s no denying we love our furry friends. But recently, Millennials (those born between roughly 1980 and 1995) surpassed Baby Boomers as being the generation with the most pets. And it looks like that love isn’t slowing down any time soon!
More People Than Ever are Pet Parents
Perhaps more than any generation before them, Millennials see their dogs as more than pets — they’re family. And because of that, Millennials are more likely to treat them like such, splurging on quality food and treats, toys, and the best boarding and day care facilities.
Today, three-quarters of all Millennials are pet parents to at least one dog or cat, and 65% of Millennials plan on adding a pet to their household over the next five years. With Millennials adopting more dogs than any other generation, they’re expected to be a major reason for the predicted 14% increase in pet ownership by 2030.
How COVID-19 Affected the Pet Care Industry
Despite COVID-19, pet parents are continuing to adopt and/or spend money on their pets at rates similar to those before the pandemic. In fact, many people became first-time dog parents during 2020 because they had more time to spend at home and were seeking companionship while sheltering in place.
In a recent interview with 1815, Todd Haavind, Camp Bow Wow’s Vice President of Development, said, “While our system did have a few temporary closures, after 100% reopening we have seen a reinvigorated demand for our services and many returning customers. This has...proved that our services are essential to the community and important in customers’ lives.”
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