Millennials Spend More Than Expected On Pets
Source：Bloomberg
From：Taiwan Trade Center Chicago
Update Time：2019/01/25
Millennials is the most sought after spending group for retailers, but their tendency to buck historical industry trends also makes them the most frustrating. The newest trend is Millennials willingness to spend on their pets during the holiday season in unprecedented amounts. Household earning over $700,000 or more will spend an average of $2,021 on holiday gifts and $183 of that for pet gifts over the holiday season. For non-Millennial households the amount spent on holiday gifts for pets will be $67. This increase in spending follows a trend of pet owners increasingly treating their animals like members of the family, a process known as humanization. This humanization has lead to increased consumer spending on premium pet food, toys and even pet health insurance. Pet stores are responding to the humanization of pets, by creating products specifically for customers looking to purchase gifts for their pets. Company’s like Petco and dog apparel brand Reddy are launching Christmas and Hanukkah themed toys, treats, and pet specific stockings.
Source ：https://www.bloomberg.com/news/articles/2018-11-16/millennials-pony-up-for-pets-as-holiday-shopping-season-beckons?srnd=checkout