Source: Pet Business Professor
In 2023, U.S. pet spending surged to $117.6 billion, a 14.5% increase from 2022, driven by growth across all categories, including record highs in pet food. Baby Boomers reclaimed the top spot in pet spending, contributing $39.25 billion, with notable increases in food and Veterinary services. Gen X, while falling to second, led in average spending per household. Millennials saw the largest spending growth, up 25.6%, highlighting their rising role as key contributors to the pet industry. Gen Z, the smallest group, showed the fastest growth, with a 43% spending increase, reflecting their growing commitment to pet ownership.
While homeownership and income remain strong drivers of pet spending, generational shifts are evident. Millennials, with increasing incomes and household sizes, are poised for leadership in future spending, though Gen X remains the most consistent performer. Despite economic challenges like inflation, the balanced contributions across generations underscore the industry’s resilience and strong growth trajectory.
Read the full story HERE: https://petbusinessprofessor.com/petmarket/petmarketsegments/2023-u-s-pet-spending-by-generation-boomers-back-on-top/