Pets are the New Newborns

New research from Mintel suggests a growing number of Millennials are more likely to have pets versus kids In their study they found that threefourths of Americans in their 30s have dogsamp160and 51 own cats Those are much higher numbers than the general populationamp160amp160At the same time while the US population is growing according to the CDC the birthamp160rate has dropped more than 10 percent since 2007 And research from Pew shows that Millennials are half as likely to be married or living with a partner than they were 50 years agoArguably itamp8217s just easier to buy a puppy than to give birth But this age group is also shopping for their pets the way you would for aamp160baby Seventysix percent said theyamp8217re more likely to splurge on their pets than for themselves Millennials are also twice more likely than Baby Boomers to buy clothing for their petsWhat does this mean for marketers For one a lot of money spent on pet pampering But also as consumers prolong some of the traditional markers of adulthood their behavior is changing the ways they interact with their homes and physical spaces For example ENORME Studio worked with Ikea on a project to adapt homes for Millennials moving back in with their parents With some changes to format and functionalityamp160theyamp8217ve found ways to make it work even if the returnee39samp160old bedroom is no longer availableFor brands itamp8217s a good idea to rethink offerings for smaller households via packaging contentamp160or opportunities for singles to meet You can alsoamp160focus more on comfort and utilityamp160instead of more showy items amp160unless of course itamp8217s a Halloween costume for your puppyThe opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated bloggers amp160amp160

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Pets are the New Newborns

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