How Demographic Trends Are Shaping the Pet Care Industry
Our world is constantly evolving as various demographic trends play out, bringing different developments and consequences into our daily lives.
Some of these trends also have an impact on the booming pet care industry. Whether it’s a willingness to own multiple animals, the tendency to treat pets as starter children, or our ever advancing digital dependence, several demographic factors are shaping the future of pet care. Here’s a closer look at how it’s happening.
Many young people see pets as practice for parenthood
For years now, young people have generally put off marriage and kids until later in life. But while starting a family and buying a home often waits, pet parenthood doesn’t. Millennials in particular tend to view pet ownership as a way to experience some of the responsibility of raising children. As such, these pet parents take great interest in their animal’s lives, and are often willing to spend on high quality toys, foods, training programs, and other pet care services.
Baby Boomers are replacing departed kids with pets
Millennials aren’t the only high-income, kid-free segment of the population showing an increased interest in pets. Pet parents are on the rise among baby boomers whose adult children have left home. Part of the growth in this demo is attributed to a broader recognition of the health benefits associated with pets and animals, especially for the elderly. Boomers are also the biggest spenders when it comes to pet care.
More people own multiple pets
Statistics show the number of multiple dog households in the United States is growing more quickly than single dog ownership. More broadly, pet parents are increasingly displaying a desire to have more than one animal. These pet parents, especially those with multiple dogs, are more likely to seek the convenience of online shopping, and are known for a willingness to splurge on their animals.
Pets care is going high tech
Technology has changed the way we live, and now it’s starting to do the same for our pets. Our ceaseless devotion to the digital world, whether it’s through gadgets and gizmos or internet-based applications, has seen a recent emergence in digital pet products. Some are activity trackers and walk-arranging apps, while others are toys and feeders that can be operated remotely from a mobile device, allowing busy pet parents to entertain and care for their pets even when they’re not at home. As these technologies become cheaper and more widely available, their usage is sure to soar.
Convenience is an important consideration
With leisure time at a premium for many, another trend is an added emphasis on convenience. Rather than visiting physical stores, shoppers have become used to browsing and buying a wide variety of product choices online, and selecting delivery options that suit their needs and lifestyle. Whether it’s clothes, basic supplies, or food, we expect to have it show up at our door after just a few clicks. The same expectation also extends to pet care products, with owners showing an increased interest in home delivery of everything from dry food and treats to home-cooked designer meals.