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Millennials as Pet Market Consumers

  • February 2016
  • 111 pages
  • Packaged Facts
Report ID: 3756536

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This new Packaged Facts report shows why Millennial consumers will play an even more significant role in the pet industry over the next decade. The accelerating aging of the American population threatens to shift the consumer landscape for the pet industry because pet ownership traditionally has declined precipitously after the age of 60. In addition, the population of 40- to 54-year-olds’an age segment with a relatively high propensity to own and spend money on pets’is expected to decline. 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.

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ref:plp2016

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