Can you imagine going into debt because of your pets? If you are a millennial you not only can imagine it, but more than 40% of millennial pet owners have been, or are in, pet-related debt. A study by Lending Tree found that “nearly one in ten millennials are paying off pet-related debt.” Lending Tree also found that “across all age groups, more than 30% have been in debt for their pet.”
What does millennial pet spending mean to your brand?
You certainly won’t push your millennial customers into debt. Because you know that millennials are willing to spend on their pets you can help build brand loyalty with that consumer age group by offering your own line of branded products for their dogs.
What do millennials and pet consumers of all ages want for their beloved furbabies?
1. Toys, plush, frisbee-shaped or uniquely shaped to represent your brand
3. Other branded clothing items
4. Collars and leashes
Baby boomers, who tend to have more discretionary income and who will lavish toys and other items upon your pets are a consumer audience who would welcome a branded toy or other item for their dog.
How Your Brand Can Capture The Attention Of Pet-Loving Millennials
Consumers of all ages love to “shout” out that they have found a “new” restaurant, brewery, brand or product and when they believe they are setting a trend, they will buy branded items for their dogs to wear and play with. Branded dog items are more likely to be used by the pet parent than if you gave them a branded t-shirt or baseball hat for themselves. Now, when you offer a branded t-shirt or branded baseball hat for their dog -- well, you just might have made a sale and that consumer’s dog is now a walking billboard for your product, store or brewery.
Pet parent spending
Close to 800 respondents from the Lending Tree study noted they would, and do, spend more than $1,000 annually on their pet; fewer than 25% spend $500 a year on their pets. Those surveyed stated they factor pet expenses into their monthly budgets.
What portion of your marketing dollars for your brand, brewery or business do you spend on pet-centric products? How many of your customers share their lives with pets? Is your company known as being pet-centric or pet-friendly? If you allow your employees to bring their dogs to the office or offer time off for new pet parents and if you want to reach more pet-loving consumers consider investing in branded pet products.
PrideBites connects brands to dog owners in a way that forges an amazing emotional connection and converts customers to loyal followers. PrideBites’ turnkey solution helps you differentiate yourself from your competition in a way that your followers won’t stop talking about.
For information on branded and promotional products for your business, contact PrideBites today and corner your market on the share of consumer dollars spent on pets by pet parents.