While millennials aren't likely to own certain things like cars or homes, and are marrying at decreasing rates, they often have a pet.
Millennials are unlikely to own cars or houses, and they might not be getting married, but there's one thing that they are very likely have: a pet.
Millennials, those born between 1980 and 2000, are delaying marriage and are less likely to be living with someone than the generations 50 years before were. Because fewer millennials are getting married, that means that they're also having fewer children.
Instead of children, millennials are getting pets, and they're investing both time and money in them. In fact, 75% of millennials in their thirties own dogs, while 51% of them own cats. On average, 50% of Americans have dogs while 35% have cats, making millennials standouts in both categories.
But it doesn't just stop there. Because pets are taking the place of children in millennials' lives, millennials aren't afraid to spend - and to spend big - on their pets. According to a 2014 study performed by Wakefield Research, 76% of millennials stated that they were more likely to splurge on their pets than they were to splurge on themselves. Millennials are also twice as likely as Baby Boomers to buy clothes for their pets.
With the pet industry bringing in $63 billion per year, millennials' spending habits can be a positive thing. With millennials moving into pet ownership, this could potentially provide homes for many of the adoptable animals available in shelters.
Many millennials are likely putting off larger commitments, like buying a home and having children, due to student loans and the challenge of building a career. It will be interesting to see how millennials approach pet ownership in the coming decade and whether these numbers continue to rise or decrease.
Are you a millennial? Do you have a pet? Tell us in the comments below.
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