![]() ![]() They often pioneer food upgrades and the pandemic had little impact. Their income is growing as is a commitment to their pets. 2016>2021: Up $3.05B They are the only group with increased spending every year since 2016.In 2021 they surged to the top in CU Pet Food Spending. 2016>2021: Up $4.26B They reacted to the FDA warning by further upgrading their food.They spent less than 2020 and even less than in 2016. 2016>2021: Down $0.1B Big reactions to every trend.The panic food buying in 2020 by Boomers was more of an emotional reaction than a trend. Since 2014, Millennials’ have led the way in food trends, and they are the only group with an annual increase every year since 2016.The younger groups have had more consistent growth. Pet parenting is fading In the older generations, but they finally moved to Super Premium. Pet Food trends are more pronounced for Boomers, and they had the only decrease.The pet spending “torch” is slowly being passed. Only Boomers spent less in 2021, but their CU spending still exceeds the national average. Gen X took over the top spot in Total Pet Spending, but Millennials’ performance was also strong. 2016>2021: Down $0.24B They also had a huge lift in CU pet spending but CU count fell 12.3%, -30% from 2016.The “youngsters” have the biggest increase in $ since 2016 of any group, $15.31B, +134%. ![]() 2016>2021: Up $15.31B As the income and overall spending of Millennials grows, their pet spending has also grown every year.In 2021 they became #1 in CU Pet spending and Total $. 2016>2021: Up $14.28B Their annual Pet spending growth since 2015 had been strong and consistent until a drop in 2020.Gen Xers still have the biggest CUs and the most Earners while Millennials have the most children 2021: Up $3.33B They stayed on the roller coaster as spending turned down but is still +10.2% vs 2016. This was primarily driven by the oldest group. Significant changes were the decrease in homeownership and CU size. Now let’s look at some key CU Characteristics The pandemic recovery saw many younger folks leave their parents’ homes. Millennials have the largest number of individuals, but they rank only third in the number of CU’s.Gen X has the second most CUs but lost a little ground in 2021.The Oldest Generations will continue to lose CUs primarily due to death or movement to permanent care facilities.In fact, they have 1.5M fewer CU’s than in 2016. They had a slight increase in 2021 but generally they have been losing ground. Baby Boomers still have the largest number of CU’s at 43.6M and 32.7% of the total.Consumer Units (CUs are basically Households) We’ll start by defining the generations and looking at their share of U.S. Using data from the US BLS Consumer Expenditure Survey we’ll compare the Generations. Although Gen Z $ are often bundled with Millennials for long term comparisons, we will also compare their 2021 spending vs 2020. In this report we will look at the post pandemic surge in Pet Spending for the most popular demographic measurement – by Generation. However, all other segments had record increases. In 2021 there was no repeat of the Food binge so $ fell. On the negative side, closures caused Services to have a radical reduction in frequency. Out of fear of shortages, Pet Parents binge bought Food early in the pandemic. In 2020 Consumers focused on the necessary segments – Food and Veterinary, while the discretionary segments – Supplies and Services, suffered. Pet Spending was up $16.23B (+19.4%), the biggest increase in history. In 2021 Americans spent $99.98B on our companion animals, 1.12% of $8.94 Trillion in total expenditures.
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