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The buying power and sheer size of the Millennial population is reshaping the future of the pet industry as many become pet owners.

Mar 09 2016

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