Catering to Pet Families: Animal Ownership Trends
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.
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.
Summary
Cherished Companions | 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. |
Adapting Everyday Life to Furry Friends | 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. |
Like Owner, Like Pet | 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. |
A Clean Bill of (Pet) Health | 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
Topics
Want to see the full report?
Offering access to over 350 consumer and cross-industry reports annually, Stylus Membership is your window to tomorrow’s most exciting opportunities.
We already arm more than 500 of the world’s most forward-thinking brands and agencies with the creative insights they need to make transformative business decisions.
We’d love to do the same for you.
Book a demo with us today to discover more.
Want to see the full report?
Offering access to over 350 consumer and cross-industry reports annually, Stylus Membership is your window to tomorrow’s most exciting opportunities.
We already arm more than 500 of the world’s most forward-thinking brands and agencies with the creative insights they need to make transformative business decisions.
We’d love to do the same for you.
Book a demo with us today to discover more.
