In a recent study, it was shown that pets belonging to Millennials may be in for a real treat this holiday season. PwC’s 2016 Holiday Outlook predicts that Millennials will be significantly more generous when it comes to shopping for their pets over the holidays.
Consumers on the whole are expected to spend an average of $60+ on their pets, but Millennials will shell out the most on their favorite furry companions, as it is stated that they are willing to spend over $80 each on their pets.
This is significant for the economy, as pet owners make up almost half of all households nationwide, and some pet owners will go to great lengths to spoil their beloved pets.
Consumer Affairs reports that the nation’s ever-increasing infatuation with its pets has been a boon to the pet industry. According to the American Pet Product Association (APPA), the pet business is projected to reach nearly $63 billion in 2016 (a 25% increase since 2010).
So, basically, as Millennials put off getting married, having children, and beginning real lives, their pets have instead consumed all their attention, taking center stage in their hearts, homes, and, evidently, on their shopping lists.