Pet owners are a major economic force in the U.S.: shoppers spent $72 billion on their pets in 2018, averaging out to $1,300 per owner. Millennials are the biggest spenders of all, with these pet parents spending an average of $1,704 on their “fur babies.”
Even frugal shoppers are willing to open their wallets for their furry friends: 76% of Millennials and 50% of Baby Boomers are more likely to spend extravagantly on their pets than on themselves. Many retailers recognize the value of pets, and companies ranging from Home Depot to Sephora are welcoming them into their stores, while Louis Vuitton, Ralph Lauren and Coach are all producing high-fashion designs for dogs.
Learn more about how retailers can attract customers by appealing to their pets in this infographic from Hinsdale Humane Society and Nowsourcing.
Source: Hinsdale Humane Society.