More Millennials Are Opting For Pets Over Children As Pet Industry Continues To Grow
*VIRGINIA BEACH, VA / ACCESSWIRE / February 28, 2024 / *Millennials and their "fur babies" are taking center stage in modern society. As millennials are increasingly delaying major life milestones like marriage, children and home buying, pets seem to be the exception. As of 2024, 66% of American households own a pet, and more than half of pet owners consider their pet a part of the family as much as human family members. Isolation during the pandemic notably increased pet ownership, with 78% of surveyed pet owners obtaining a pet during the pandemic. However, the surge in pet ownership spurred by COVID-19 is only one piece of the puzzle. As the cost of living and inflation continue to skyrocket while the threat of climate change burns in the background, many millennials are seeing pets as the economical and ethical choice for companionship.
These pet owners are also willing to make sacrifices to keep their furry friends happy and healthy. Nearly 40% of pet owners live on a tighter budget to afford their pet's expenses, and 36% of dog owners reported that they would spend more than $4,000 on out-of-pocket life-saving medical care for their dogs. Pet owners are also willing to make compromises in other areas of their lives to support being a dog parent; according to a Forbes Advisor survey of 10,000 dog owners,7.47% of dog owners stayed at a job they disliked because it allowed them to work remotely and 6.78% broke up with their significant other who didn't like their dog.
Another recent survey showed that over half of pet owners would even take on debt before cutting their pet budget. The shifting perspectives closely align with the humanization of pets. Pets are increasingly seen as family members, leading to heightened demand for high-quality services like better veterinary care, pet insurance, organic food and unique pet experiences. Pet industries across the board are experiencing growth as a result. Americans spent $136.8 billion on their pets in 2022, which is a 10.68% increase from 2021 and a 51.16% increase from 2018.
There has also been an increase in services and companies that cater to pets like *Chewy Inc.*, *Wag! Group* and *Inspire Veterinary Partners Inc.* (NASDAQ:IVP). While companies like Wag! offer pet care as an employee benefit, others like *Freshpet *are at the forefront of this movement towards advanced personalized nutrition for pets, with a focus on high-quality, specialized pet food products.
As an employee-owned veterinary group, Inspire Veterinary Partners is another innovator in the space. The company specializes in owning and operating veterinary hospitals in the United States, with a focus on small animal general practice hospitals that serve companion pets - including canine and feline breeds - as well as equine care. For veterinary doctors and pet owners alike, this can feel like a breath of fresh air as large consolidators currently own approximately 50% of all veterinary hospital revenue in the U.S.
One of the key principles of Inspire Veterinary Partners is making ownership transitions healthy for employees, pet owners and pets. It aims to create a seamless and positive experience for both the veterinary teams and the patients they serve. But what really sets Inspire Veterinary Partners apart is their unique equity model. As the first employee-owned veterinary group, its practices will soon launch plans to offer equity to veterinarians and team members, allowing them to share in the rewards of the practice they help build.
The pet services industry is set to grow at a compound annual growth rate (CAGR) of 8% over 2022-2030, reaching a projected total of $277 billion. As this industry continues to expand, companies like Inspire Veterinary Partners seem well-positioned to take advantage of the market and revolutionize how we as a society view veterinary care.
Featured photo by Kate Stone Matheson on Unsplash.
Contact:
Kevin McGrath
kevin@tradigitalir.com
*SOURCE: *Inspire Veterinary Partners, Inc.
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