Millennials, millennials, millennials. What about Baby Boomers and Gen X? Just how did our fascination fall on this fascinating group of wild ones? Do you know what the term Millennial actually stands for you? Let me enlighten you and then I will share their buying habits in relation to nutritional private label pet products.
Millennials by definition: The term Millennials generally refers to the generation of people born between the early 1980s and 1990s, according to the Merriam-Webster Dictionary. … The Millennial Generation is also known as Generation Y, because it comes after Generation X — those people between the early 1960s and the 1980s.
Millennials actually make up the largest segment of pet owners, putting them at 35%. But, do we know how they actually feel about their furry friends? A recent survey uncovered the noteworthy impact pets have on these young pet owners, and at what length they are willing to spend.
According to the survey, 7 in 10 Millennials own a pet—more than 56% are dog owners while 36% are cat owners. Male Millennials are more likely to be pet owners than their females as they compare at 76% to 68%, respectively.
To find private label dog products Millennials love Click Here.
Key Millennial Stats from the Survey:
- 67% Most Millennials (67 percent) see their pet as part of the family and would refer to them as a “fur baby.”
- 68% of Millennial pet owners are willing to take leave from work to care for a new pet if their employer offered it.
- Millennial dog owners spend $1,285 per year on their pets. As a group, that accounts for $67 billion annually.
- Young cat owners spend slightly less, at $915 per year individually and $33.5 billion a year as a group.
Keeping tabs on information such as this will help many private label brand owners determine their marketing strategy. Or at the very least, it is very valuable information to gather while determining your target market, brand projections and price points for the retail prices of your private label products.
All my best,
Stay focused and never give up!