The buying power and sheer size of the Millennial population is reshaping the future of the pet industry as many become pet owners. Between 2007-2015, pet ownership among Millennials grew 25% (11% more than those age 35 and up) and 2.6 million more are expected to own pets within the next five years. A large portion of that growth has been attributed to multicultural young adults, with Latinos being a “key Millennial pet owner segment.” Traditionally the pet industry has relied on spend from Baby Boomer and Xers, but Millennials are becoming more significant: “In 2014, households headed by Millennial consumers spent almost $11 billion on their pets.” (MediaPost)
