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