Millennials are the biggest consumer demographic in the US and they are more interested in experiences than material items. And they are crazy about their pets, especially dogs. Dogs are their “starter children”, so it’s only natural that they want to share these experiences with them.
Last year, the pet market was worth $72 billion in the US alone. But it’s not only about products or services that strictly belong to the pet market. Dog owners are making daily purchase decisions related to their dogs, whether it’s about traveling, picking a hotel, insurance options or even a place to live.
Millennial dog owners favor science-based, force-free, positive reinforcement training techniques. They spend hours creating and curating Instagram accounts for their dogs . They spend money on doggie daycare and vacations. They love throwing their fur kids a good birthday party . 36% of Americans even give their dog birthday presents.
More dogs means more business opportunities
Smart businesses are tapping into this trend and adapting to keep pet owners happy. More and more hotels, restaurants, shops and workspaces and becoming pet-friendly. In addition to the service industry, the manufacturers of consumer goods are also waking up to this trend. Ikea sells pet supplies and Tesla has introduced a dog mode that aims to keep unattended pets inside a vehicle at a comfortable temperature.
Between 2014 and 2018 the percentage of employers allowing a pet to work has more than doubled. Google welcomes dogs to work and Amazon has a dog park. Many companies like Mars give a “pawternity leave” for new dog owners.
Mars is a great example of a company that truly understand the needs of pet owners and the huge potential of the pet market. Most people know them as a chocolate bar manufacturer, but they are actually also the global leader in pet health and nutrition and heavily invested in the pet business. Earlier this month, Mars launched the Kinship initiative, a platform where pet service startups can collaborate with one another on future innovation by sharing insights, research, diagnostics and figures.
Retailers and entrepreneurs that are seeking growth should take notice of how many people currently own a dog and how dog ownership impacts their daily purchase decisions. They should take a closer look at dog owners and think about how they could serve them better. The question companies should ask themselves is “how can we make a dog owner’s life easier and more enjoyable?”
Driving responsible dog ownership
Companies that promote responsible dog ownership have a real opportunity stand out from the rest.
In line with this trend, we are also seeing more pet services available through technology. At OneMind Dogs, we are pioneering a high-quality, highly accessible puppy training available through every major smart device.
When puppies have the best possible start in life, it has a strong positive influence on the rest of their lives. This has a positive impact on the whole society, as it prevents dog behavioral problems such as dog bites or attacks.
To find out more about our approach, take a look at our pitch on Invesdor.
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