Millennials love their pets, as their spending habits show
While they’re somewhat fond of humans, pets are a millennials best friend with ‘equal priority’ as friends and family
New York — Millennials love their pets, and that love’s showing up on their holiday credit-card bills. The much-discussed generation of shoppers, known for their industry-disrupting tastes, will spend heavily on their pets this holiday season — more than double what consumers overall are expected to pony up, according to a report from PwC. Millennial households earning $70,000 or more will be the biggest spenders, forking out more than an average of $183 for pet gifts this holiday, compared to the $67 that overall consumers will spend, according to PwC. High-earning millennials, feeling good about the economy, will spend an average of $2,021 on all gifts this holiday season — including for humans. The holiday spending comes as pet owners increasingly treat their animals like members of their families — a trend known as “humanisation” — boosting spending for premium pet food and toys. “It’s the same kind of joy you get when you bring home a gift to a small child,” said Lori Kogan, a ...
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