Perhaps you’ve thought of expanding your market through new products or offering a freebie that will hook customers. If so, tapping pet owners is a logical next step for your company. Below, we present some of the facts that make this demographic an attractive market for forward-looking establishments:
According to a 2011 survey from The Harris Poll, more than 90% of pet owners claim their pets are a part of the family. This gives rise to the term "furparents," which pet owners use to refer to themselves. In America, almost 85 million households have a pet, and over the last 30 years, pet ownership has gone from 56% to 68% of all households. In 2018, pet owners spent a whopping $72.1 billion on their pets.
Given the state of the economy, uncertain futures and the environmental impact of having children, for Millennials and Gen Z, the definition of "family" is shifting from having children with a partner to having pets instead. Many Millennials and Gen Z are opting for pets, not parenthood.
Millennials in particular are more likely to use raw pet food or foods geared toward enhancing the health of their pets, and even take care of their pets' teeth at home and buy oral health care products for their pets. From here, one can really see the amount of care Millennials have for their furred companions and how they truly see them as family.
Millennials and Pet Spending
Millennials are the largest single population in America today, overtaking the long-dominant baby boomers. They represent 24% of the US Population and 35% of the labor force, making them influential in today's market, with their purchasing power expanding as they age. They are also the single largest population of pet owners, with Millennials owning 35% of America's pets in 2018.
Packaged Facts National Online Consumer Survey reports pet owners in the Millennial age group are much more likely than those in the 35-and-over age group to spend more on pet products and pet care services during the next few years. Between 2007 and 2015, Millennials were also responsible for 43% of the growth in the number of pet owners in the United States. There are 43 million Millennial pet owners in America. In 2014, they spent a total of $10.6 billion on their pets alone. Looking at this, one can really say that Millennials are putting their money into what they care about: their pets.
Seven in ten Millennials own a pet. More than half of which own dogs (56% of Millennial pet owners). Many of them believe that what people need for themselves they also need for their pets. As such, many furparents are willing to splurge on luxuries such as bed, toys, clothing, travel accessories, gifts and grooming services, along with necessities like collars, leashes, bowl, medicine and veterinary services for their pets.
What can you get for your dog pals and their owners?
There are different items that can earn you the attention of pet owners.
For instance, you can provide chew toys, plushies, rope toys and tennis balls. These toys can be thrown and pulled, allowing the owners and their dogs to bond. You can also look into collars, leashes, harnesses, and car seat belts. These will keep pets safe and let other people know that the dog has an owner. If you want a fun lineup of product or freebies, accessories such as dog hats, bandanas, bow ties, and dog ties are an option. You can even improve their stay at home by giving them custom made dog blankets, dog beds, teepee dog house, toy baskets, dog placemats, bowls and treats.
It’s about time for businesses to acknowledge the fact that pet ownership does affect how consumers spend their money and how they create an emotional connection with brands and companies. With the help of an experienced dog toy manufacturer, you can immediately add pet products to your stock or design merchandise pet owners will appreciate.