According to market research publisher Packaged Facts, the number of millennial pet owners grew 25 percent between 2007 and 2015, while the pet owners in the 35-and-over age group increased by 14 percent.
Packaged Facts’ new report, titled “Millennials as Pet Market Consumers,” also reveals that the 43 million pet owners in the 18 to 34 age group account for 31 percent of all pet owners.
The majority of growth among millennials has come from multicultural young adults, thus making Latinos a key millennial pet owner segment. Packaged Facts projects that millennials will be responsible for adding another 2.6 million pet owners between 2015 and 2020.
The accelerating aging of the American population may shift the consumer landscape for the pet industry. Pet ownership has traditionally declined after the age of 60.
“Millennials have become a strong consumer force in the pet market due to their sheer population numbers and the impressive buying power they bring to the table,” said David Sprinkle, research director at Packaged Facts. “They are more likely than other pet owners to both expect to spend and to actually spend more on higher priced pet products and pet care services.”
To learn more about the report, visit: http://www.packagedfacts.com/redirect.asp?progid=88440&productid=9858011.