More than ever, humans are enamored with their pets.
Year after year, studies show that the number of U.S. households with pets is on the rise– and it doesn’t look like it’s going to stop anytime soon. According to The American Pet Products Association, 66% of all households in the U.S. have one or more pets and more than $70 billion is spent each year on pet products. Even here at AGDATA, more than 2/3 of our employees own a pet.
So, why are pet adoption rates increasing?
Adopting a pet is like getting an instant best friend, full of unconditional love. For millennials, getting an animal is an easier step than having a baby. Additionally, 82% of millennials agreed that pet parenting is a great way to ease into the full responsibility of starting a family. Not only does having a pet help reduce loneliness, but studies show that owning a dog may actually add years to your life.
What better way to relieve a little stress than to pet a furry friend? A recent Washington State University study concluded that just petting a cat or dog for a couple of minutes can significantly reduce your cortisol levels, the hormone that controls stress. Even some colleges bring dogs onto campus during final exam time to provide emotional support to students.
Since people are involving their pets deeply into their lives more than ever, companies have begun to notice consumers spending increasing. Specifically, gourmet food options and higher-quality products are more popular than ever. The use of medication and supplements for companion animals is also on the rise as people want to make sure their pets live long, healthy lives.
It’s clear: people are willing to spend top dollar to get their furry friends the best products out there. Even The American Pet Products Association predicts a 3.89% increase in U.S. pet industry expenditures just from 2018 to 2019!