Millennials Dethroned: Surprising New Leaders in Pet Spending for 2024 Revealed
While millennials are often hailed as the top pet-owning generation, accounting for 33% of the 66% of U.S. households with pets, recent trends reveal a surprising shift in spending patterns. Despite their love for pets, millennials are actually spending less than Generation X and baby boomers, according to the American Pet Products Association (APPA) National Pet Owners Survey.
An analysis by the MarketWatch Guides team of Bureau of Labor Statistics (BLS) data and a survey of 1,000 U.S. pet owners uncovers current pet spending habits, including during the holiday season. For detailed methodology and more insights, visit our full report.
Key Highlights:
From 2013 to 2021, average U.S. household pet spending rose by 67%, from $460 to $770 annually.
In 2022, overall pet spending slightly decreased to $741, with millennials being the only group to increase their expenditure.
Women outspend men on pets, averaging $647 annually compared to men’s $282.
Regional spending varies, with the Midwest seeing the most significant increase in 2022.
Gen Z plans to allocate 35% of their holiday budget to pet spending.
Generational Spending Patterns: Despite the stereotype of millennials being pet-obsessed, they spend less annually ($731) on pets than Generation X ($866) and boomers ($793). Interestingly, Generation X spends the least relative to income (0.68%), while boomers allocate the most (0.96%). Both millennials and the Silent Generation spend a similar percentage of their income on pets.
Gender-Based Spending: Women tend to spend more on pets than men, with single women spending an average of $647 annually compared to single men’s $282. This trend has been influenced by the rise of pet influencers on social media and differing perceptions of pets between genders.
Regional Spending Trends: In 2021, pet spending in the West declined, while the Midwest saw an increase from $691 to $820 annually. Midwest pet owners also spend the most relative to their income (0.90%). International comparisons show that U.K. pet owners outspend their U.S. counterparts in certain categories.
Holiday Pet Spending Trends: In 2023, pet owners planned to spend an average of $122 on their pets during the holiday season. Gen Z pet owners allocated a higher portion of their holiday budget to pet spending compared to other generations.
