Catering to Pet Families: Animal Ownership Trends

Published 04 December 2023

Author

8 min read

By 2030, the global pet care market is expected to reach $369bn, up from $235bn in 2022 (Fortune, 2022). Its expansion is fuelled by the growing significance of pets in owners’ lives: consumers are recentring budgets, work schedules and cultural celebrations around their animal companions. We identify the consumer habits shaping this next chapter of pet-centric living.

Cherished Companions

Adapting Everyday Life to Furry Friends

Like Owner, Like Pet

A Clean Bill of (Pet) Health

While millennials have maintained their reputation as committed pet parents, Gen Zers and mature East Asian consumers are catching up when it comes to ownership rates and spending. However, rising inflation is increasingly overshadowing pet families, causing some to reluctantly give up their fur babies and others to limit spending.

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Pet owners are redesigning daily routines to centre their lifestyles around their furry friends. They’re hunting for pet-friendly accommodation – that preferably includes pet perks – and employment at pet-friendly offices or remote working opportunities (for animals’ daytime companionship). When separation is unavoidable, pet parents explore services to keep fur babies entertained while home alone.

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Committed pet parents want their animals to reflect their own cultural identity. Whether adorning their furry friends in designer clothes and accessories, having pets narrate vlogs on social media, including them in faith and cultural celebrations, or pampering them like humans, these owners are projecting their own personalities through their fur babies.

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In the US, 36% of dog owners say they’d spend $4,000 or more out of pocket on life-saving vet care (Forbes, 2023). Consumers are increasingly willing to spend on their pets’ health, driving up demand for pet insurance and animal-appropriate health trackers with a distinctly medical edge.

Catering to Pet Families: Animal Ownership Trends

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Topics

Parenting & Families

Pets

Cities & Neighbourhoods

Cost of Living

Internet Culture

Social Media

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