Pets of Millennials are in for a real treat this holiday season.
As the holidays creep closer and closer, malls across the country prepare to welcome shoppers in search of the perfect gifts for their families and loved ones. And according to the PwC's 2016 Holiday Outlook, this holiday season will be enjoyed by all members of the family, both two- and four-legged. Especially if that family includes a 19-35 year old.
Nearly half of American households report owning at least one pet, and as people turn toward "pet parenting" instead of "pet owning," spoiled pets are becoming a norm. When it comes to spreading holiday cheer, consumers are expected to spend an average of $62 each on their pets.
But Millennials will have everyone beat by spending the most on their fur babies. Studies predict younger consumers will spend around $81 to give their pets the perfect holiday gifts.
This pet-spoiling trend is thought to be related to the fact that more and more Millennials are choosing to wait longer before getting married and starting families. Without spouses or children to account for, their four-legged friends jump to the top of their shopping lists.
Coming in a close second for spending the most on their pets are Gen Xers. They'll spend about $79. Next in line will be families with children by spending $71.
These groups aren't only spending money on their pets during the holiday season. Dogs, cats, and other kinds of pets are quickly finding their way into hearts and homes at an ever-increasing rate. The American Pet Product Association reports the pet business will reach nearly $63 billion by the end of 2016. That's a 25% increase from 2010. That surge in pet-related sales can be contributed to the fact that more people are choosing to own pets, and they're also willing to spend more money to make their pets happy.
Dogs and cats with owners between 19 and 35 years old will spend the holiday season enjoying a wide range of special treats. They'll unwrap balls, bones, and chew toys, but a different generation of pet parents has led to a different generation of pet presents.
Retailers are recognizing this pet-loving trend, and people are no longer limited to pet stores when it comes to finding the perfect gifts for their four-legged companions. Millennials are buying specialty products like everlasting treat balls and doggy perfume. Some lucky pups will even receive experiences like doggy massages.
As we continue to countdown to the holidays, pets of all kinds have great things to look forward to.
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