By Abdul-Karim Ngoliba
- 31% of Gen Zers and 34% of millennials would reject higher-paying jobs to spend more time with their pets
- 82 million households in the U.S own a pet
For many millennials, pets aren’t just companions—they’re financial priorities. With 34% of millennials willing to turn down higher-paying jobs to be with their pets, it’s now clear that furry friends are influencing financial decisions in a big way. Reports show that the pandemic, which decimated other businesses, only accelerated the growth in the pet business. Pet ownership surged during the Covid-19 pandemic, and today, over 66% of U.S. households own a pet, spending more than $136 billion annually.
Why This Matters: Millennials face rising living costs, mounting student debt, and job market uncertainty, yet they continue to prioritize pet-related expenses over many other priorities. Their willingness to forego career opportunities for pets signals a shift in values—one that businesses are capitalizing on. On the flip-corporate-side of it, companies are taking notice, from pet-friendly workplaces to premium pet subscription boxes, flexible work arrangements, and pet insurance benefits are becoming key incentives to attract millennial talent. Companies are adjusting to cater to this generation’s unique spending habits.
Millennials outpace other demographics in pet product, health, and luxury service spending, showing that their financial commitments are shifting from traditional career goals to their four-legged pet-family members. As a result, the pet industry is projected to grow by 10% by 2025, reinforcing the idea that pets aren’t just companions; they’re economic drivers. The number of households in America that own a pet are 82 million which loosely translates to $147 billion pet care annually.
Situational Awareness: As millennials redefine financial priorities, businesses must adapt. From corporate perks to new pet-focused services, the market is evolving to meet this demand. For employers, acknowledging the pet-first mindset could be the key to retaining millennial talent. This shift is already reshaping workplace policies, with more companies offering pet-friendly offices and pet insurance as employee benefits. The financial landscape is adapting, too, with fintech apps introducing pet-related budgeting tools. As millennials continue to recalibrate their financial priorities, expect market-aware businesses to follow their lead, ensuring that pet-focused spending remains a dominant market force.
CBX Vibe: ‘I Wanna Be Your Dog‘ the Stooges
