Why Your Brand Should Pay Attention to Millennial Pet Owners
The reputation that millennials have developed in recent years has stumped many brands, who often find themselves not knowing what to make of the demographic. They make the headlines often, though they tend to not be portrayed in a positive light. At worst, millennials have been called lazy, self-absorbed, or spoiled. At best, they have been described as tech-savvy and cool.
It cannot be denied, though, that at this particular point in time, millennials are the largest and most educated demographic in the United States. Making up 25 percent of the population, their sheer numbers give them power and influence. This should be reason enough for any brand—specifically, brands that deal in pet-related products—to sit up and give them a closer look. Here are a few more compelling reasons to pay attention to them:
Millennials Are More Open About Investing in Their Pets
Millennials are known for being extremely dedicated pet parents. Their shopping habits show that they also spend a significant amount of money on pet products such as toys, clothes, and even pet furniture like wholesale dog beds. Additionally, this is on top of spending on essentials for their pets such as food and medicine. All this puts them firmly in the number one spot when it comes to sales in the pet care industry.
In addition to money, millennials also invest a lot of time and care into their pets. This is evidenced by the fact that they spend quite a lot on veterinary care and wellness products. By contrast, baby boomers spend most of their money on essentials, primarily pet food. Additionally, millennials prefer to invest in preventative veterinary care, demonstrating their desire to maintain their pets' health and get ahead of any potential injuries or serious diseases.
Millennials Are Currently in Their Prime Earning Years
At this specific moment, millennials are between the ages of 25 to 40 and, by 2025, will make up 75 percent of the total workforce in the United States. They are expected to soon overtake baby boomers as the biggest spenders in the world in a few years. In fact, they hold a lot of spending power, something to the tune of USD 2 billion dollars as of the most recent estimates. This alone makes them highly economically valuable and worth catering to. It's little wonder why they can afford to buy so many treats for their fur babies.
Millennials Are Currently the Biggest Pet-owning Demographic in the World
According to data compiled by the American Pet Products Association between 2019 and 2020, 67 percent of all families in the United States currently own a pet. That amounts to about 85 million households, with a vast majority of them headed by millennials. Here, too, they have overtaken baby boomers by a wide margin, making them the biggest pet-owning demographic in the world.
Millennials Love to Humanize Their Pets
The pet humanization trend has seen steady growth in recent years, and millennials are leading the charge. They enjoy buying pet clothing, costumes, and accessories for their pets. It is also not at all uncommon for millennials to refer to their pets as their babies, and many couples in the age bracket indeed treat their pets like children. Others still adopt pets as a way to prepare themselves for the more serious responsibility of having a child.
Millennials Are Extremely Loyal to the Companies They Patronize
By far, the most significant advantage of bringing millennials over to your side is the long-term value that they can offer. This is an extremely brand-loyal generation, with one in every five millennials claiming that they would not hesitate to pick the same brands their parents patronize. This goes against the common misconception among businesses that millennials tend to be stingy with their patronage, what with the constant introduction of newer products into the market.
Additionally, millennials want to feel like they are seen as people, not commodities. They value personalization and the ability to customize a business's offerings to their needs and preferences. Interestingly enough, they expect that their pets can be catered to in the same way. In this regard, offering custom pet products could be a lucrative opportunity for your business, even if you may not necessarily be a pet-related brand.
Millennials Are Paying More Attention to What Brands Stand For
Finally, millennials have great respect for brands that make visible efforts to solve some of our most pressing societal problems. They want to see their money going towards businesses that are trying to make an impact, whether it's on the community, the environment, or both. Patronizing these brands gives them a sense that they are directly contributing to the cause and therefore making a difference themselves. Pet parents, in particular, are more likely to support businesses that support animal welfare causes or avoid using animal products in their offerings entirely.
Capturing the hearts of millennial pet owners could be a big win for brands that manage it. With the right marketing strategy, your business can capitalize on their spending power and earn their loyalty. So what are you waiting for? Start making plans on how to reach out to them today.