Millennials and Gen Zs are changing the rules of pet ownershiptri. No longer are pets just friends; now they’re determining big life decisions. Today’s pet parents are transforming the economy in ways no one expected, in almost every area of life, including housing, transportation, finance, and friendship.
Pets Over Parenthood
The cost of living is rising and people’s attitudes are changing; therefore, many young adults are not having children. Instead, they are getting pets and treating them as family. Dogs even have their rooms and clothes. For many, the first major responsibility of an adult is to own a pet.
Home Sweet (Pet Friendly) Home
Investing in a home to get a return on investment is no longer relevant. Pet owners are now buying homes based on how pet-friendly it is. Some of the features that attract them include; more space, pet friendly interiors and close by dog parks. Some people even arrange the entire house so their pet feels comfortable.
The Travel Revolution
Holidays are not about getting the best sun or the best hotels: pet parents choose a pet-friendly destination.Road trips over flying, pet friendly Airbnbs and dog friendly hiking trails are the new norm for travellers. Some pets even have passports!
Cars for Built for Pets
Car buying is no longer about the miles per hour it’s about pets’ comfort. The size of the back seat, the height of the car floor and the availability of pet safet features now define a car’s value to pet owners. Some companies are even targeting pet owners specifically.
Pet Nutrition Premium Gone Wild
We are not in the generic kibble era anymore; Millennials and Gen Z want organic, raw or special diets for their pets depending on their condition. More pet food brands are emerging due to owners’ concerns about ingredients.
Pet Fitness is Trendy
No need for gym memberships—now, fitness includes our furry friends. Walking, running, standing on a paddle board, and even doga (pet yoga) are becoming trendier. Both owner and pet ensure that are engaging in trends an exercises that help them stay fit and healthy.
Dining Decisions With Dog in Mind
Choosing restaurants depends on whether or not the pets are allowed. More and more dog friendly cafes are appearing, dog-friendly patios and even dog menus. If their pets can’t go, neither will they.
Social Circles Shaped by Pets
Pets are not only affecting how people spend, but they’re a benchmark for relationships. Dog playdates are a good excuse for new friendships. Some dating apps even have pet-friendly filters, and for many, the pet approval must come before any kind of relationship.
The Luxury Pet Market Boom
From designer pet clothes to extreme pet care, the costs of looking after an animal are through the roof. Custom dog beds, monthly subscription boxes and even pet psychics indicate that there is no such thing as an expendable budget for a best friend.
The Pet Influencers Are Taking Over
Pet owners are taking over the influencer world. Some pets have millions of subscribers and can get brand endorsements, create merchandise and have their own brand partnerships. Some dogs even earn more than their owners!
Financial Planning for Fido
Millennials and Gen Z are not only planning their own budgets for rent, food, and transport – they are saving up for vet expenses, pet insurance, and emergency funds.
The Future of the Pet Economy
Pets have gone from simple companions to integral parts of life planning for Millennials and Gen Zs. They place the utmost importance on their beloved furry companions. The changing landscape calls for industries across sectors such as travel, retail, real estate and technology to evolve and cater to the needs of the first economy as it emerges, not just as a passing trend, but as a definitive path forward.
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