Millennials Are Planning to Spend More On Their Pets Than Ever Before – Here’s Why
Millennials are projected to outspend other groups of shoppers this year by about 10 percent. This holiday season, part of that percentage is focused on pet-product purchasing (say that three times).
Money talks – millennials love their pets
Many young couples start off as pet parents before taking the plunge into marriage and parenthood. Pet owners now make up almost half of the households in the USA. According to the American Pet Product Association (APPA), the pet business is projected to reach nearly $63 billion in 2016, up 25 percent from 2010. Millennials are also outspending every other group of shoppers year-over-year when it comes to pet spending – they spend around $81 per year on their pets. Brands of all sizes can step into the arena and experience business growth from taking advantage of the ever-growing pet industry. Craft brands especially, can benefit from this trend as hand-made, unique items and locally sourced products are top of the list.
The holidays are going to the dogs
While all pets are equally important and loved by their pet parents, it looks like dogs take the title for most pampered. However, it’s more than just designer collars and customized bowls – retailers of all kinds are all getting in on the pet business, creating tons of new gifts and experiences pet parents can gift for their four-legged friends this year. Dogs are benefiting most from the creation of luxury retail experiences tailored to them. Retailers are welcoming dogs, both big and small, into their stores. And that’s not all – part of the welcome wagon includes offering a variety of things from artisanal treats, to doggy manicures, and massages. Pet parents can drop their pets off for a few hours of pampering while they shop. The offerings also extend into personal shopping services for Fido, which create a personal shopping profile for their customer’s pet(s).
Millennials + holiday shopping = great for business
Gifts for pets this holiday shopping season will surpass basic pet accessories. Anything consumers may get for themselves, their friends or children, they’ll be able to get for their pets. With the pet industry growing at an explosive rate, the sky is the limit when it comes to what is being offered to purchase for pets. Custom bedding, gourmet artisanal food and organic treats, unique travel gear, smartphone enabled monitoring systems, and more can all be added to the holiday shopping list – both as gifts and personal purchasing. The pet business is one to keep a close watch on as consumers continue to open their hearts and wallets for their four-legged family members. Pet parents, especially millennials, look for the best, and will happily seek out brands that prove their products are created with care and consideration, and retailers who set out to create an inclusive atmosphere for their beloved fur-babies.
Are you a pet brand? Want to know how to boost sales this holiday season? Read on below!