Millennials now make up the largest segment of pet owners, roughly 35%. According to a recent survey, 7 in 10 Millennials own a pet — 56% are dog owners, while 36% are cat owners — with men more likely to be pet owners than women. Millennials view their pets as members of the family, referring to them as “fur babies.” Millennials spend more on their pets than other generation — an average of $5,150 per year, more than double the average of $2,454 spent by Baby Boomers. Millennials also spend more per month on their pets than generations before them, averaging $357 per month. In fact, 76% of Millennials say they’re more likely to spend money on their pets than they are on themselves. The animals even impact their life decisions, influencing where they live, travel, and what kind of house they buy. Top spenders are older Millennials — age 35 to 44 — spending an average of $1,500 a month on their pets. The reality is that Millennials are designing their entire lives, and budgets, around their pets. Millennial pet parents say that their pets even affect who they’re friends with and who they date. With around 16% of Millennials in the 25-34 age range still living at home with their parents, it’s clear they have the money to spend on their pets because they’re not throwing it away on things like rent, food and utilities.
