DUBLIN–(BUSINESS WIRE)–Research and Markets (http://www.researchandmarkets.com/research/fpcxq8/millennials_as)
has announced the addition of the “Millennials
as Pet Market Consumers” report to their offering.
The Millennial generation has become a driving force in the American pet
industry. Between 2007 and 2015, Millennials were responsible for 43% of
the growth in the number of pet owners in the United States. The 43
million pet owners in the 18- to 34-year-old age group now account for
around one in three pet owners. Moreover, Millennial pet owners bring
significant buying power to the table. In 2014 households headed by
Millennial consumers spent a total of $10.6 billion on their pets.
The report highlights how the essential economic optimism of Millennials
augurs well for the pet industry. For example, Packaged Facts National
Online Consumer Survey data cited in the report show that pet owners in
the 18- to 34-year-old age group are much more likely than those in the
35-and-over age group to expect to spend more for pet products and pet
care services during the next few years.
The report also shows how Millennial pet owners differ sharply from
their counterparts in the 35- and over-group and demonstrates why and
how marketers of pet products and pet care services need to be attuned
to the expectations of Millennial pet owners as consumers. In some ways,
the consumer behavior of Millennial pet owners simply reflects their
overall consumer orientation and behavior. For example, when it comes to
shopping for products for their pets, Millennial pet owners are much
more likely than other pet owners to be tethered to their smartphones to
compare prices and products and to use mobile apps to scan a QR code to
get promotions or discounts when buying pet products.
For more information visit http://www.researchandmarkets.com/research/fpcxq8/millennials_as
Research and Markets
Laura Wood, Senior Manager
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