As we dive into 2024, pet ownership continues to thrive in the U.S., with older generations leading the charge in spending on their furry companions. While millennials, often dubbed the “fur-baby-boom generation,” are known for their love of pets, it’s the older generations who are actually opening their wallets wider, according to a recent analysis by MarketWatch.
Key Findings from Recent Data
According to the American Pet Products Association (APPA) National Pet Owners Survey, millennials own more pets than any other generation, making up 33% of U.S. pet owners. However, recent analysis from MarketWatch reveals a surprising twist: older generations are outspending millennials when it comes to pet care.
Pet Spending by Generation:
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- Generation X tops the list with an average annual spend of $866 on pets.
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- Baby Boomers follow closely, spending $793 on average per year.
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- Millennials, despite their high pet ownership rates, spend less at $731 annually.
Interestingly, while Generation X spends the most in absolute terms, they allocate a smaller percentage of their income (0.68%) to their pets compared to Baby Boomers, who spend 0.96% of their income.
Regional and Gender Insights
Regional trends show that pet spending in the Midwest has increased significantly, with an average annual spend rising from $691 in 2021 to $820 in 2022. Meanwhile, spending in the Northeast and West has decreased.
Average Annual Pet Spending by Region, 2021-2022
Gender differences are also notable, with women spending significantly more on pets than men. Single women spend an average of $647 per year, compared to single men’s $282. This disparity may be influenced by societal factors and differing views on pets.
Holiday Pet Spending Trends
Looking ahead to the 2023 holiday season, pet owners are planning to spend more on their pets than ever before. On average, $122 is expected to be spent on pets during the holidays, with Gen Z pet owners leading the way, allocating 35% of their holiday budget to their pets.
The Impact of Inflation
Inflation has affected all aspects of spending, including pet care. The percentage of income spent on pets fell slightly from 0.88% in 2021 to 0.78% in 2022. Despite this dip, pet spending continues to rise in absolute terms, with Americans spending an average of $741 on pets in 2022, up from $460 in 2013.
The pet industry remains robust, with older Americans demonstrating a strong commitment to their pets. As cultural attitudes toward pets continue to evolve, spending on pet care is expected to keep growing. For a deeper dive into the data and trends shaping pet spending, check out the full MarketWatch article.
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