COVID-19 has influenced many industries, and the pet industry is not an exception here.
Surveys have found that 30% of pet owners spend more on their pets, 57% spend the same, and only 13% spend less, but there are some indicators that the spending could change.
A survey has found that younger pet owners, millennials and Gen Z, are increasingly more worried about the amount of money they spend on their pets. By the end of 2021, 38% of Gen Z and 37% of millennial pet owners were worried about their pet-related budget .
And since an average owner spends around $1,500–$1,900 on their pets annually, the strain on the budget is real for a lot of younger owners.
The numbers were significantly lower at the end of 2020 — 24% of Gen Z and 29% of millennial pet owners were concerned about pet-related spending.
Since millenials make up 31% of the pet industry customers, any changes they make in terms of their spending is definitely going to be reflected on the whole industry.
Another huge blow to the industry’s growth and earnings could come from the fact that many Gen Z and millennials worry about having to give up their pets.
In the 2021 survey, 30% of Gen Z and 27% of millennials said they fear they won’t be able to keep their pets due to the pandemic. In 2020, this was true for only 16% of millenials and 14% of Gen Z.
Interestingly, only 22% of Gen X and 8% of baby boomers have some concerns about their pet spending.