Pet ownership has surged among younger Americans, marking an important change in their spending patterns and priorities that is likely to affect how brands advertise their products to a growing group of consumers.
The U.S. pet industry has surged to an estimated $150 billion, reflecting a cultural shift in how Americans view pet ownership. According to an Ipsos survey eight in ten households led by adults ages 18-34 now own a pet — 10 percentage points higher than in 2018, before the pandemic.
This rise in pet ownership aligns with broader demographic trends. Americans are getting married later and having fewer children. Also, more people are living alone, especially among older populations. As urban living increases, pets are becoming a key source of companionship.