Study Finds Richmond Ranks 4th in U.S. for Cat Care Spending and 9th for Dog Care
Exploring Generational Trends in Pet Spending: Millennials vs. Gen Z
The latest trend in pet ownership and spending habits among Millennials and Gen Z has been revealed in a recent national survey conducted by CouponBirds. As Americans continue to prioritize their furry companions, the data shows interesting differences between the two generations.
According to the survey, Richmond residents are among the top spenders when it comes to their pets, shelling out an average of $1,620 annually on their cats and $2,553 on their dogs. Overall, the national average for cat-related expenses is $1,087, while dog-related expenses nearly double that at $2,116. North Carolina and Washington, D.C. lead the pack in cat spending, while Pennsylvania and Austin, Texas top the list for dog spending.
Gen Z has a slightly higher dog ownership rate at 47% compared to Millennials’ 43%, but Millennials outspend Gen Z when it comes to annual pet care expenses. Millennials spend an average of $1,712 per year on their pets, while Gen Z spends $1,602. Despite this, Gen Z is more likely to prioritize pet spending over personal luxuries, with 26% of Gen Z respondents admitting to doing so compared to 19% of Millennials.
When it comes to specific spending categories, both generations prioritize their pets’ health and nutrition, with Gen Z spending slightly less on pet food but more on healthcare compared to Millennials. Millennials tend to spend more on grooming, while Gen Z splurges on toys and entertainment for their furry friends.
Interestingly, a higher percentage of Gen Z (28%) have embraced pet insurance compared to Millennials (19%). Both generations believe they spend more on their pets than older generations, indicating a shift in economic priorities and a willingness to prioritize pet care over personal indulgences.
Overall, the data highlights the evolving relationship between Americans and their pets, with both Millennials and Gen Z showing a strong commitment to providing the best for their furry companions. Whether it’s through food, healthcare, grooming, or entertainment, it’s clear that pets are an important part of the family for both generations.
