1. Research Reports
April 11, 2017

Millennials are substituting family life for pets

Pet ownership is on the rise with two thirds of consumers globally owning a pet in 2016, compared to 60 percent in 2014, according to research from GlobalData.

By GlobalData Consumer

Pet ownership is on the rise with two thirds of consumers globally owning a pet in 2016, compared to 60 percent in 2014, according to research from GlobalData. This growth is being driven by millennials, who are delaying marriage and children until later in life, and perhaps instead turning to pets for companionship. Indeed, 70 percent of 18-34 year olds (Millennials) claimed to own a pet in 2016; an increase of eight percentage points over two years.

While dogs and cats continue to be the most popular pets; interestingly bird ownership is also on the rise. The rising interest in birds is likely to be linked to the suitability of small birds to apartment living; as urbanization and rising living costs mean people, particularly young millennials, are living in smaller spaces and want pets that will fit this urban lifestyle.

With bird ownership highest among millennials – a survey by GlobalData found 12 percent of 18-34 year olds claimed to own a bird in 2016 – opportunities exist for brands to target this cohort by developing exciting and engaging products for birds; aligning more closely with the “humanization” trend most apparent in dog and cat product innovation until now.