Millennials are spending a significant amount of money on pets and are using them to cope with stress.
An FKD Feature exclusive

Two-thirds of millennial pet owners use their pets to cope with stress, according to a study from Zulily. That’s right — you love your pet for selfish reasons. Though almost 85 million Americans own pets, it is millennials, who “own 35 percent of pets in America,” that are most profitable to the industry. Millennials not only view pets as legitimate members of their families, but also claim that it would be even more stressful to be separated from their pet than from their phones. They are willing to break the bank to go the extra mile for their pets.

Why pets?

Nearly 20 percent of millennials suffer from depression and anxiety, according to a study by HealthStatus. This is due to reasons you’d expect, including student debt, underemployment after college, and the general hardships of life. Not to mention dealing with messy roommates, the fear of moving back in with our parents, and a ramen-noodle-every-night budget. With all this stress in life, people need something that gives them unconditional love in order to keep going.

Around 33 percent of millennials depend on their parents for help. This is probably because millennials are spending all their money on their pets — 92 percent of millennials buy gifts for their pets. It’s not just a one-and-done thing, either — 51 percent buy their pets a gift at least once per month. That could amount to a lot of money lost over time.

The amount of money millennials are spending on pets doesn’t include necessary expenses, such as vet bills, dog food and grooming. This has more consequences than it may seem; 42 percent of millennial homebuyers think that having a space for a pet is a large factor, even if they don’t have one yet. And 71 percent would be willing to take a pay cut in order to be able to bring their pets to work. In fact, 21 percent of these would take a pay cut of 20 percent or more for this. This is especially surprising considering that millennials are always complaining about money.

Takeaway

Millennials go hard for their pets and would sacrifice nearly anything for them, even if it’s money they don’t have. The $69 billion pet retail industry profits off of the 35 percent of millennials who own pets. Over half of all Americans in their 30s own a cat, while 75 percent own a dog. Suffice it to say, if you are a millennial, you probably have a pet. Just save all the sweaters for national love your pet day.

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Header image: Getty Images

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Posted 03.06.2018 - 12:00 pm EST