2024 Total Pet Spending was $118.87B – Where did it come from…?

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Total Pet Spending in the U.S. was $118.87B in 2024, a $1.27B (1.1%) increase from 2023. These figures and others in this report are calculated from data in the annual Consumer Expenditure Survey conducted by the US BLS. In 2023, the Binge/Bust pattern was over. Even with 8% inflation, all segments had an increase in spending. The lifts for Supplies & Services were small, but the Food & Vet lifts were huge. This produced the 3rd largest lift in history. 2024 was a big change. Again Services & Supplies had small lifts & the Vet increase was huge but together they just barely made up for the -$5.5B drop in Food to generate a 1.1% Total Pet $. This is mediocre but the real situation was even worse. Petflation fell from 8% in 23 to 2.6% in 24. The 1.1% lift was really a -1.5% drop in amount sold. 2024 deserves a closer look!

The first question is, “Who is spending most of the $118.87 billion dollars?” There are of course multiple answers. We will first look at Total Pet Spending in terms of 10 demographic categories. In each category we will identify the group that is responsible for most of the overall spending. Our goal was to find demographic segments in each category that account for 60% or more of the total. To get the finalists, we started with the biggest spending segment then bundled it with related groups until we reached at or near 60%.

Knowing the specific group within each demographic category that was responsible for generating the bulk of Total Pet $ is the first step in our analysis. Next, we will drill even deeper to show the best and worst performing demographic segments/groups and finally, the segments that generated the biggest dollar gains or losses in 2024.

In the chart that follows, the demographic categories are ranked by Total Pet market share from highest to lowest. We also included their share of total CU’s (Financially Independent Consumer Units) and their performance rating. Performance is their share of market vs their share of CU’s. This is an important number, not just for measuring the impact of a particular demographic group, but also in measuring the importance of the whole demographic category in Spending. All are large groups with a high market share. A performance score of 120+% means that this demographic is extremely important in generating increased Pet Spending. I have highlighted the 7 groups with 120+% performance.

There were 4 group changes from 23. Urban, 2>4 CUs, 1 or 2 Earner CUs & 35>64 replaced Suburb/Rural, 2+ CUs, Everyone Works & 35>74. There were also changes in the numbers and rankings. No category in 2024 is ranked the same as in 2023. In 2024, 7 made the 120%+ club, up from 5 in 22 & 23. CU Size & # of Earners were added to the group. Formal higher education & marriage matter, but higher income remains the single most important factor in Total Pet Spending.

  1. Housing – Homeowners (81.6%) up from 81.2%. Controlling your “own space” is a key to larger pet families and more pet spending. 2024 was a good year for Homeowners, with & without Mtges. Homeowners spent $3.3B more and the group’s performance rose from 122.4% to 125.7%. A big factor in the increase was a $2.02B drop in spending by Renters. Homeowners moved up from 5th place to 4th in importance. There were some minor changes and the homeownership rate fell slightly from 65.1% to 64.9%. Those w/o a Mortgage rose from 27.3% to 28.0%.
  2. Race/Ethnic – White, not Hispanic (81.3%) down from 82.5%. This is the 2nd largest group in size and in share of Pet Spending. Their performance was down from 124.4% to 123.0% and they dropped from #4 to #6 in importance. Although this demographic, along with age, are 2 areas in which the consumers have no control, spending disparities within the group are enhanced by differences in other areas like Income, CU Composition and homeownership. There are also apparently cultural differences which impact Pet Spending. Asian Americans are first in income, education and total CU spending but they’re last in Pet Spending as a percentage of total spending – 0.52% vs a national average of 1.12%.
  3. Area – Urban: Suburban/Ctr City (80.8%) down from 81.0%. Homeownership is high in the Suburbs but low in the city. The Suburbs had a -0.72% drop in CUs. Center City gained +0.52% and Rural was +2.0%.This combination pushed Urban performance up from 91.3% to 93.1%. Center City still has the worst performance at 82.4%
  4. Income – Over $70K (74.2%) up from 70.0%. They gained share and their performance grew to 141.8% from 138.6%. A factor in the disparity was a 4.6% lift in $70K> CUs. CU income is still the most important factor in increased Pet Spending. Spending was up for all groups $40>99K & $150K>. $150K> had the biggest lift, +$5.5B, over 13%. $70K> was up +7.2%. Income matters. $100K>: 37.9% of CUs, 59.4% of Pet $. $150K>: 21.7% of CUs, 39.5% Pet $
  5. # in CU – 2>4 people (72.5%) up from 69.8%. Singles still have by far the worst performance. In 2024, there was a slight 0.3% drop in single & 5+ CUs, but they spent 7.9% less on their pets. At the same time, 2>4 people CUs spent 5.0% more. This explains the big lift in share and a strong performance of 120.4%.
  6. Occupation – All Wage & Salary Earners (65.7%) up from 64.7%. Their performance also rose slightly from 106.2% to 106.3%. Only Managers/Professionals & “All Other” spent more on their pets in 2024. Even Retirees and Self-Employed spent less on their pets in 2024, while both had double digit % increases in 2023. With a $5.85B lift, Mgrs & Profess. were the drivers behind in the slight improvement in 2024. BTW: “All Other”, includes unemployed and those not working because of illness or attending school.
  7. Education – College Grads (64.1%) up from 60.6%. Higher Education is usually tied to higher income and Pet spending. It can also be a key factor in recognizing the value in product improvements. In 2022 the Education group was expanded to hit the 60% share goal. In 2023/24, big lifts in the Veterinary segment returned Grads to the list. Their 2024 performance rose from 126.7% to 133.3% and they are now #2 in importance. In Education, only <Assoc’ Degree spent less. The gain in share and in performance came entirely from those with a formal after HS degree.
  8. CU Composition – Married Couples (63.8%) up from 61.4%. 2 people, committed to each other, is an ideal situation for Pet Parenting. In 2024, they gained share and their performance rose from 127.4% to 132.9%, but they fell to 3rd place in importance behind Income & College Grads. Their increases in share and performance were due to big spending increases by Couples Only and CUs with a child over 18.
  9. # Earners – 2+ CUs, 1 or 2 Earners (61.7%) up from 58.4%. These are 2+ people CUs where 1 or 2 adults are employed. They gained share and their performance rose from 116.3% to 123.2%. They joined the 120+% club but are only the 5th most important category. Income is important but # of Earners is less so. Only 2 Earners spent more. The lifts were entirely due to a $5.97B increase by 2 Earner CUs.
  10. Age – 35>64 (61.6%) up from 58.6%. They gained share and their performance rose from 112.3% to 118.9%. Only the 35>54 & 75+ Age groups spent more but the lift of the 45>54 group was the biggest, $3.0B. The <25 and 65>74 groups had the biggest drops. Due to the big lift from 45>54, the group was reduced from 35>74. However, Pet Spending is still relatively balanced by age group and age stayed 8th in importance.

Total Pet Spending is a sum of the spending in all four industry segments. The “big demographic spenders” listed above are determined by the total pet numbers. The share of spending and performance of these groups varies between segments. In fact, in every segment but Supplies we altered at least 1 group (4 in Pet Food) to better reflect where most of the business is coming from. There was turmoil & less balance, but in 2024 Total Pet Spending was still positive.

Performance is an important measurement. Any group that exceeds 120% indicates an increased concentration of the business which makes it easier for marketing to target the big spenders. Income over $70K is again the clear winner, but there are other strong performers. High performance also indicates the presence of segments within these categories that are seriously underperforming. These can be identified and targeted for improvement. In 2020>2022 many of the big lifts and drops in spending came from a series of buying binge/busts which affected every segment. In 23/24 the only affected segments were Food & Vet. All segments but Food had at least a small increase in 2024, but the spending turmoil continued.

Now, let’s drill deeper and look at 2024’s best and worst performing segments in each demographic category.

Most of the best and worst performers are expected but there are 4 winners & 2 losers that are different from 2023 – 1 less loser than last year. The situation is definitely becoming more normal. Changes from 2023 are “boxed”.

  • Income is important in Pet Spending, which is shown by the 190.5% performance by the $200K> group and wins by the high income 2 Earners, Mgrs/Prof, Adv College Degrees & Gen X. All groups over $100K performed at 100+%.
  • Occupation – Tech/Sls/Cler, Mgrs/Professionals & Self-Employed are still the only occupations with 100+% performance. Blue Collar (59.8%) replaced Service Workers at the bottom.
  • Age/Generation: Gen X won again but spending moved towards their younger members. <25 moved to the bottom
  • Region – The West stayed on top. The Midwest also had 100+% performance.
  • CU Size/Composition – The importance of marriage was maintained with wins by 2 People and couples with an Oldest Child 18>. Single Parents stayed on the bottom. The “magic” CU number continues to fall – from 3 to 2.

The winners reflect the continued move back towards more normal spending patterns, but from slightly younger CUs. In the next section we’ll look at the segments which literally made the biggest difference in spending in 2024.

We’ll “Show you the money”! This chart details the biggest $ changes in spending from 2023.

In 2023 there were 6 categories in which all segments spent more. In 2024, there were none. However, there was a little more stability. 6 segments held their spot from 2023 and 5 flipped from 1st to last or vice versa.  In 2023, 4 segments were stable and 3 flipped. 75% were different from last year, considerably less than 83.3% in 2023 and 87.5% in 2022. We should also note that with 2.6% inflation, the 1.1% Total Pet lift was really a -1.5% drop.

  • # Earners – Only 2+ CUs with 2 Earners or No Earner spent more.
    • Winner – 2 Earners, 2+ CU – Pet Spending: $53.53B; Up $5.97B (+12.6%)                                       2023: 2 Earners, 2+ CU
    • Loser – 1 Earner, Single – Pet Spending: $14.05B; Down -$1.76B (-11.1%)                                         2023: 3 Earners
    • Comment – Other Big Drops – No Earner, Singles: -$1.59B; 1 Earner, 2+CU: -$1.32B
  • Occupation – Both the Winner & Loser are new.
    • Winner – Managers & Professionals – Pet Spending: $46.93B; Up $5.85B (+14.2%)                      2023: Retired
    • Loser – Tech/Sales/Clerical – Pet Spending: $16.15B; Down -$2.14B (-11.7%)                                  2023: Blue Collar
    • Comment– Unemployed/All other had the only other increase, +$0.92B.
  • Generations – With a lift in all segments, the highest income Gen Xers returned to the top of the chart.
    • Winner – Gen X – Pet Spending: $39.88B; Up $4.51B (+12.8%)                                                             2023: Millennials
    • Loser – Baby Boomers – Pet Spending: $33.55B; Down -$5.71B (-14.5%)                                           2023: Born <1946
    • Comment – Millennials had the 2nd biggest lift and Gen Z had the only other drop besides Boomers.
  • Education – A clear divide – Associate’s degree & above spent more. All others spent less.
    • Winner – Advanced Degree – Pet Spending: $38.14B; Up $4.43B (+13.1%)                                      2023: BA/BS Degree
    • Loser – HS Grad w/some College – Pet Spending: $16.73B; Down -$1.84B (-9.9%)                       2023: Associate’s Degree
    • Comment – The lift for BA/BS (+$0.55B) & Assoc. degree (+$0.20B) were small. The 2nd  biggest drop (-$1.66B) was by those w/o a High School Diploma. College matters. Only College Grads have 100+% performance.
  • Region – The South flipped from last in 23 to 1st in 24.
    • Winner – South – Pet Spending: $40.62B; Up $4.24B (+11.6%)                                                            2023: Northeast
    • Loser – Midwest – Pet Spending: $25.38B; Down -$2.72B (-9.7%)                                                       2023: South
    • Comment – The South was up in all segments. The Midwest was down in Products but up in Services. There were 2 Regions that spent more and 2 that spent less. Northeast: +$1.13B; West: -$1.38B.
  • CU Composition – The importance of marriage in Pet Spending was reinforced.
    • Winner – Married, Child 18> – Pet Spending: $14.858; Up $3.96B (+36.4%)                                  2023: Married, Couple Only
    • Loser – Singles – Pet Spending: $20.50B; Down -$3.35B (-14.0%)                                                       2023: Single Parent
    • Comment – Only Married, Couple Only or those with no children <6 spent more. All others spent less. Married, Couple Only had the 2nd biggest lift: +$1.45B; #2 Drop was Married w/others: -$1.09B.
  • # in CU – 2 People is a repeat winner, but 1 Person replaced 4 People on the bottom.
    • Winner – 2 People – Pet Spending: $48.68B; Up $3.56B (+7.9%)                                                        2023: 2 People
    • Loser – 1 Person – Pet Spending: $20.50B; Down -$3.35B (-14.0%)                                                    2023: 4 People
    • Comment: Only 1 & 3 people CUs spent less. 3 People were -$0.85B. The bigger CUs had increases. 4 People were the 2nd best, +$1.35B (+9.2%); 5+ People: +$0.54B (+4.6%).
  • Income – $200K> is a repeat winner but the lowest income group is now the biggest loser.
    • Winner – $200K> – Pet Spending: $27.59B; Up $3.18B (+13.0%)                                                        2023: $200K>
    • Loser – <$30K – Pet Spending: $8.42B; Down -$2.92B (-31.9%)                                                            2023: $40>49K
    • Comment – All incomes $40K>, but $100>149K had spending lifts. All <$40K spent less. $150>199K had the 2nd largest lift, +$2.36B, but $70>99K was also +$1.09B. $30>39K was -$2.16B. All performances $70K> =100+%
  • Age – The 2023 winner and loser both flipped in 2024.
    • Winner – 45>54 yrs – Pet Spending: $25.53B; Up $3.02B (+13.4%)                                                     2023: 65>74 yrs
    • Loser – 65>74 yrs – Pet Spending: $17.01B; Down -$2.70B (-13.7%)                                                     2023: 45>54 yrs
    • Comment: Only 25>54 & 75+ had lifts. The #2 lift was +$1.32B by 35>44. The #2 drop was -$1.32B by <25.
  • Housing – Homeowners w/Mtge returned to the top, but Renters replaced those w/o Mtge on the bottom.
    • Winner – Homeowner w/Mtge – Pet Spending: $65.24B; Up $1.80B (+2.8%)                                2023: Homeowner w/Mtge
    • Loser – Renters – Pet Spending: $21.92B; Down -$2.02B (-8.4%)                                                        2023: Homeowner w/o Mtge
    • Comment – Homeowners w/Mtge returned to their usual spot on top. Renters took their expected place as the big loser. We should note that Homeowners w/o a Mtge were up $1.49B, +4.9%.
  • Area Type – Both winner and loser held their positions for the 3rd straight year.
    • Winner – Suburbs 2500> – Pet Spending: $55.09B; Up $2.78B (+2.6%)                                           2023: Suburbs 2500>
    • Loser – Rural Areas <2500 – Pet Spending: $29.44B; Down -$1.23B (-4.0%)                                  2023: Rural Areas <2500
    • Comment – The same winner and loser for 3 consecutive years – stability. However, 2024 was a little different. For the 1st time since 2021, the loser had a drop in spending. Note: Center City had a $1.12B (+3.4%) lift.
  • Race/Ethnic – After stability in 2023, the Winner and Loser flipped in 2024.
    • Winner – Asians – Pet Spending: $3.92B; Up $0.73B (+22.8%)                                                             2023: White, Not Hispanic
    • Loser – White, Not Hispanic – Pet Spending: $96.58B; Down -$0.48B (-0.5%)                              2023: Asian
    • Comment – Only Whites spent less. Hispanics were up $0.61B (+5.2%). African Amer. were +$0.40B (+7.1%).

We’ve seen the best overall performers and the “winners” and “losers” in terms of increase/decrease in Total Pet Spending $ for 12 Demographic Categories. Now, here are some segments that didn’t win an award, but they deserve….

HONORABLE MENTION

2024 was not a good year for segments that are usually at or near the bottom in Pet Spending. Most stayed there but a few did well. Millennials are high profile, but they didn’t win. Their $2.7B lift should be noted. The oldsters, 75+ are still around and pet committed as shown by their 10.5% spending lift. Homeowners w/o Mtges had a 69% bigger % lift than those w/Mtge. African American have low income and low pet ownership, but they found a way to spend more on all but food. The below avg $70>99K income group makes few headlines but they spent $1.09B more on their pets. Center City has a lot of people but fewer pets due to less space. They are down in Products but a big lift in Veterinary & Services pushed them up $1.12B. Our thanks go to all 6.

Summary

We’ll start with recent history. Pet Spending reached $78.60B in 2018, a $14.28B, +22.2% lift from 2014. It was not a steady rise, Spending fell in 2016 and each segment had at least one down year. There were a number of driving factors  Positives: The move to super premium foods and the increase in Services outlets. Negatives: Value shopping, trading segment $ and outside influences like the FDA Dog Food warning and tariffs on Supplies. Inflation/deflation was also a factor in some cases.

In 2019, there was a -$0.16B (-0.2%) decrease, driven by a big drop in Supplies $ due to Tarifflation. Almost all buyers were affected & Supplies $ fell below 2014. Services $ also fell due to value shopping. The good news was that Pet Food bounced back from the impact of the 2018 FDA warning to reach a new record high. Veterinary $ also increased 2.7%. Unfortunately, this was entirely due to a 4.1% increase in prices. The amount of Vet Services sold actually decreased.

That brings us to 2020 and the Pandemic turmoil. The effect was positive for Food and Veterinary, especially Food. Out of fear of shortages, many Pet Parents binge bought Pet Food. Spending also increased in Veterinary, as consumers focused on their Pets’ needs. The discretionary segments suffered. Supplies prices stayed high, so spending continued to decline. Services saw the biggest negative pandemic impact as many outlets were subject to closures and restrictions.

In 2021 the marketplace returned to “normal”. The Food binge buying wasn’t repeated, but Pet Parents caught up with all their “children’s” wants and needs. This produced a big increase in Total Pet (+$16.23B) and in all segments but Food. Spending skewed younger and to more traditional winners, like Homeowners w/Mtges and Incomes over $200K.

In 2022, big lifts in Food & Services overcame binge drops in Vet and Supplies and produced a 2.7% increase in  $. 72% of 96 demographics spent more, down from 83% in 2021. Spending became  more balanced with strong performances from <College, Blue Collar, African Americans & Gen Z. Income is still important as Gen X stayed on top. Spending also skewed a little older towards the older Gen Xers, 45>54 yr olds. Baby Boomers are still the “heart” of the Pet Industry, but Gen X will likely lead CU spending for a number of years, until they are eventually displaced by the Millennials.

In 2023 Total Pet Spending took off, up $14.89B (+14.5%) to $117.6B. All segments had increases. The lifts in the more discretionary segments – Services & Supplies, were small but the Food & Veterinary lifts were huge. The Food increase even set a new record. The lift was widespread as 91% of 96 demographic segments spent more. Even considering 8% inflation, 78% spent more. Income is still the most important factor in all segments but Food and growing in importance. However, 2023 became a little more balanced in many categories, especially Age. Also, many underperforming segments, like Singles and Renters, had big increases. 2023 was a great year and Gen X still spent the most Pet $ per CU.

2024 was mediocre. A big increase in Vet spending along with small lifts in Supplies & Services barely overcame a big drop in Pet Food producing a $1.27B, +1.1% increase in Total Pet $. Only 50% of 96 demographic categories spent more on their pets in 24 – a huge drop from 91% in 2023. Income is #1 in importance for Total & all segments but Food (#2).

Before we go…The Ultimate Total Pet Spending CU in 2024 has 3 people, a married couple, with 1 child who is 18 or over. They are 45>54 yr-old Gen Xers. They are White, but not Hispanic and both work. At least one has an Advanced College Degree and is a Mgr/Professional. They earn $200K+. They still have a mortgage on their house located in a Rural area with a population under 2500 in the West.

2024 U.S. Pet Spending by Generation – Gen X Returns to the Top!

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In 2024 Americans spent $118.87B on our companion animals, 1.12% of $10.66T in total expenditures. Pet Spending was up $1.27B (+1.1%), much  less than the $14.89B lift in 23. In fact, with a Petflation rate of 2.6%, it was actually a -1.5% drop in the amount of Products & Services sold. In 2020 Consumers focused on the necessary segments – Food and Veterinary, including a Food buying binge. The discretionary segments, Supplies and Services, suffered until 21 when Food $ fell but all other segments had record increases. In 22, Supplies & Vet $ fell while Food & Services grew. In 23, $ increased in all segments including a record in Food. In 24, a big lift in Veterinary helped overcome a big drop in Food.

In this report we will compare Pet Spending in 2024 vs 2023 for the most popular demographic measurement – by Generation. We will also include historical data going back to 2020. Note: Gen Z first had enough CUs to be recognized as a separate segment in 2019. All data comes from the US BLS Consumer Expenditure Survey.

We’ll start by defining Generations and looking at their share of CUs (Basically Households)

 GENERATIONS DEFINED

Gen Z: Born after 1996

        In 2024, Age 27 or less

Millennials: Born 1981 to 1996

In 2024, Age 28 to 43

Gen X: Born 1965 to 1980

In 2024, Age 44 to 59

Baby Boomers: Born 1946 to 1964

In 2024 Age 60 to 78

Silent/Greatest: Born before 1946

In 2024, Age 79+

  • Baby Boomers still have the largest number of CU’s at 41.5M and 30.6% of the total. They had a 0.2M increase in 2024 but generally have been losing ground. In fact, they have 3.6M fewer CU’s than in 2016.
  • The Oldest Generations will continue to lose CUs primarily due to death or movement to permanent care facilities.
  • Gen X has the third most CUs but they lost 0.6M in 2024.
  • Millennials have the largest number of individuals and now they rank second in the number of CU’s.
  • Gen Z gained 2.2M CUs as more of these youngsters established independent households.

Now let’s look at some key CU Characteristics (Note: Nationally, 1 change; CU Size back to 2.4 from 2.5 in 2023.)

CU size: ↑ for Born <1946;# Children: No Change for all; # Earners: Boomers ↓; Homeownership: ↑ for Millennials, Boomers & Born <1946; No Mtge: ↓ for Gen Z, ↑ for all others.

  • CU Size – Nationally, CU size decreased to 2.5 from 2.4. 2+ people CUs account for 69.9% of all U.S. CUs, (up from 69.8% in 2023) and 82.8% of pet $ (up from 79.7%) There were 1.1% more 2+ CUs and they spent 3.9% more on their pets (Natl. Avg: +0.3%). Millennials and now Gen Z are actively building their households. CU size, with all the related responsibilities, again peaks with the Millennials (3.0) as Gen Xers were stable at 2.9. CU size drops as we age but the numbers grew for the oldest group from 1.5 in 2023 to 1.6 in 2024.
  • # Children < 18 – 26.8% of U.S. CU’s have children, down from 27% in 2023 and they generate 32.3% of Pet Spending, up from 30.2%. There was a drop in CUs with an oldest child <6, Single Parents & Singles. The others were up. The increase in Total Pet Spending share was pretty focused. Married couples with an oldest child 18> had the biggest lift, +$3.96B. All CUs without children, but Married Couple only spent less. The net result was CUs with children spent $1.83B more while those without children decreased spending by -$0.56B. There was no change in the # of children per CU, Nationally or by Generation. Millennials, with 1.2 Children per CU, are still the leader and the only generation to average more than 1 child per CU.
  • # Earners – Pet spending is often tied to the number of earners in a CU. In 2024, only 2 segments in the # of Earners category spent more – 2+ CUs, No Earner & 2 earners. 2 Earner CUs spent the most and had the biggest increase, +$5.97B. The only change in count was that Boomers fell to 0.8 from 0.9.
  • Homeownership – Owning and controlling your own space has always been a major factor in increased Pet Ownership and spending. In 2024 homeownership fell slightly from 65.1% to 64.9%. Millennials, Boomers & Born <1946 had increases, while the others were unchanged. The homeowners’ share of Total Pet Spending rose from 79.6% to 81.6%. The increase was very defined. Homeowners’ Pet Spending increased $3.29B (3.5%), while Renters’ fell -$2.02B (-8.4%). We should also note that the percentage of homeowners w/no Mtge increased from 27.3% to 28.0%. All generations had an increase. Boomers had the largest – from 44% to 47%.
    • As expected, Gen Z are the most common renters in society. Homeownership by Millennials has moved up to 54% but it is still only 83% of the national average.
    • Gen Xers have been above the national avg since 2018, and Homeownership generally increases with age.

Next, we’ll compare the Generations to the National Avg.:

In Income, Total CU Spending, Total Pet Spending and the Pet Share of Total CU Spending

CU National Avg: Income – $104,207; Total CU Spending – $78,532; Total Pet Spending – $876.53; Pet Share – 1.12%

  • Income – Gen Xers are still at the top, but their lead fell slightly. Compared to the national average, the income of Boomers and the Silent/Greatest both fell. Millennials’ income beat the national avg in 2020 and continues to grow. The income of Gen Z passed that of the oldest Americans in 2021 and continues to grow, but slower than expected.
  • Total Spending – The Gen Xers make the most and spend the most but it’s not out of line with their income. The Millennials’ increase was almost triple the national lift, so it is now 8.6% above the national average. Boomers’ spending is 88.2% of the national average, down from 90.8%. Due to a big lift in spending compared to income, the oldest group is in a worse position. They are still deficit spending vs their after tax income. With the biggest % increase in Income and spending, the retail importance of Millennials continues to grow.
  • Pet Spending – Boomers had a 14.5% drop so now there are only 2 groups exceeding the national avg. Gen X stayed on top and their lead has grown. Gen Z fell to 58.7% from 75% while the oldest group rose to 56.8% from 50.1%.
  • Pet Spending Share of Total Spending – The national number slowed from 1.13% to 1.12%. The decrease was driven by drops from Boomers & Gen Z. In 2020 Boomers were the only group to spend more than 1% of their total expenditures on their pets. In 2021 only Gen Z spent less than 1% of their total expenditures on their pets. In 2022, only Boomers and Gen X were above 1%. In 2023 & 2024, all but the oldest group & Gen Z are above 1%. Boomers still lead. However, with 0.94% as the lowest score, the strong commitment to their pets by all is very evident.

Now, let’s look at Total Pet Spending by Generation in terms of market share as well as the actual annual $ spent for 2020 through 2024. The 2024 numbers are boxed in red (decrease) or green (increase) to note the change from 2023.

  • With lifts in all segments, Gen X regained the top spot in Pet Spending from Boomers.
  • There are a variety of spending patterns. Spending in the oldest group is low and except for lifts in 2021 & 2024, has been slowly falling. Millennials are the only group with consistent annual growth. Gen X also grew every year until 2020. They came back strong and moved to the top in 2021>22. They fell to #2 in 23 but are back at #1 in 24. The Boomers have been on a rollercoaster because they react strongly to trends and outside influences. In 20 they drove the panic buying of Food. In 21 their spending fell due to a big drop in Food $. In 22 it increased but was still below 2020. In 23, lifts in all but Supplies pushed them back to #1. In 24 the spending pattern reversed & they fell to #3. Gen Z is just getting started. $ are down in 24 but still 3.5 times more than 21. Gen X & Millennials are the leaders
  • In 24, only Gen Z & Boomers spent less. Gen X & Millennials had the biggest lifts.
    • Silent/Greatest: +$0.05B. Boomers: -$5.71B. Gen X: +$4.51B. Millennials: +$2.70B. Gen Z: -$0.28B
  • Gen X – Ave CU spent $1102.84 (+$133.10, 13.7%); 2024 Total Pet Spending = $39.88B, Up $4.51B (+12.8%)
    • 2020>24: Up $15.92B Their annual Pet spending growth since 2015 had been strong and consistent until a drop in 20. In 2021>22 they were #1 in CU Pet spending and Total $. In 23 they fell to #2. In 24 Total $, they are again #1.
  • Millennials – Ave CU spent $940.20 (+$41.42, 4.6%); 2024 Total Pet Spending = $34.87B, Up $2.70B (+8.4%)
    • 2020>24: Up $16.20B; As the income and overall spending of Millennials grows, their pet spending has also grown every year. This younger group has the biggest increase in $ since 2020 of any group, $16.20B, +87%.
  • Boomers – Ave CU spent $808.98 (-$121.35, -13.0%); 2024 Total Pet spending = $33.55B, Down -$5.71B (-14.5%)
    • 2020>24: Down $1.30B; Spending turned down and they fell to #3 in $. Plus, they’re again below 2020. Down -$0.28B (-4.7%)
  • Gen Z – Ave CU spent $514.17 (-$143.59, -21.8%); 2024 Total Pet Spending= $5.66B, Down -$0.28B (-4.7%)
    • 2020>24: Up $4.73B; They’re starting to build H/Hs but are committed Pet Parents. Pet $ are +509% vs 2020.
  • Silent/Greatest – Ave CU spent $498.04 (+$60.24, 13.8%); 2024 Total Pet Spending = $4.90B, Up $0.05B (+1.0%)
    • 2020>24: Down $0.44B; CU Spending was up, but their # of CUs has fallen -34.6% from 2020.

Gen X took back the top spot in Total Pet Spending from Boomers and the spectacular growth ended for Gen Z. Only Boomers & Gen Z spent less, but with 2.6% inflation, Born <46 also really bought less Pet Products & Services in 24.

Let’s look at the individual segments. First, Pet Food…

  • Gen X had the only increase, but they’re still below 2022. Boomers had the biggest drop, but they are still #1 in Pet Food spending. Gen Z & Millennials had double digit percentage drops , but 2024 is still their second-best year.
  • Since 2014, Millennials’ have led the way in food trends, and they are the only group with an annual increase every year 2016>23. Since their spending fell in 24, no group has had a consistent annual lift.
  • Boomers – Ave CU spent $320.12 (-$61.41, -16.1%); 2024 Pet Food spending = $13.24B, Down $3.31B (-20.0%)
    • 2020>2024: Down $6.07B They are still #1 in Total Food $ but they are below their 2020 & 22/23 spending.
  • Millennials – Ave CU spent $281.55 (-$76.92, -21.3%); 2024 Pet Food Spending = $10.65B, Down $2.02B (-15.9%)
    • 2020>2024: Up $3.79B They are the only group with increased spending every year from 2016>23. Their income is growing as is a commitment to their pets. They often pioneer food upgrades. They fell from #2 to #3 in 24.
  • Gen X – Ave CU spent $359.16 (+$38.36, +12.0%); 2024 Pet Food spending = $12.91B, Up $1.48B (+13.0%)
    • 2020>2024: Up $4.62B They reacted to the FDA warning by upgrading their food. No pandemic panic buying. In 2021>22 they were the leader in CU Pet Food Spending. In 2023, they fell to 3rd. In 2024 they moved up to #2 in $, but they are #1 in CU spending.
  • Gen Z – Ave CU spent $154.21 (-$109.85, -41.6%); 2024 Pet Food spending = $1.65B, Down $0.78B (-32.1%)
    • 2020>2024: Up $1.45B; Pets are important to these youngsters. Pet Food spending is +162% from 2021.
  • Silent/Greatest– Ave CU spent $167.43 (-$54.45, -24.5%); 2024 Pet Food spending = $1.59B, Down $0.83B (-34.3%)
    • 2020>2024: Down $0.58B; CU count is -34.6% from 2020 & prices are high, but they are committed to their pets.

Pet Food Spending is driven by trends and outside influences like FDA warnings and COVID. 2023 brought a record increase, but 2024 had a record drop. Boomers still lead but only because they have the most CUs. Now, on to Supplies

  • All groups but Gen Z spent more. Supplies spending again skewed towards the younger, higher income groups. Gen X had the smallest lift but stayed #1. Millennials had the biggest $ lift and stayed #2. Born <1946 had the biggest % lift but Gen Z still spends $0.15B (14.6%) more. In 2022, they spent -$0.02B less.
  • Gen X – Ave CU spent $70 (+$8.60, 4.1%); 2024 Pet Supplies spending = $7.89B, Up $0.18B (+2.3%)
    • 2020>24: Up $2.40B; Gen Xers are again the leader in Supplies spending. They were affected by tarifflation in 2019 but held their ground in 2020. In 2021 spending exploded, fell in 2022, then grew in 2023>24.
  • Millennials – Ave CU spent $194.04 (+$9.51, 5.2%); 2024 Pet Supplies spending = $7.14B, Up $0.48B (+7.2%)
    • 2020>24: Up $3.02B; Millennials earn their share of Supplies $. They were the least impacted by the tariffs in 2019 and spent more in 2020. Their spending then took off in 2021 and has had slow growth in 2022>24.
  • Baby Boomers – Ave CU spent $160.76 (+$3.63, 2.3%); 2024 Pet Supplies spending = $6.68B, Up $0.18B (+2.7%)
    • 2020>24: Up $2.27B In 2020 they focused on Food! In 21 a big lift; 22: +$0.07B; 23: -$0.30B; 24: +$0.18B.
  • Gen Z – Ave CU spent $105.79 (-$65.34, -38.2%); 2024 Pet Supplies spending = $1.18B, Down $0.35B (-22.7%)
    • 2020>24: Up $0.78B; With a big decrease in Food, their drop in Supplies is not surprising. They are often linked.
  • Silent/Greatest– Ave CU spent $102.32 (+$47.06, 85.2%); 2024 Pet Supplies spending = $1.01B, Up $0.40B (+64.1%)
    • 2020>24: Up $0.30B; They were hit hard by COVID & inflation. Small lifts in 21>22. A drop in 23. A big lift in 24.

In 2019, tarifflation drove spending down in all groups. In 2020 Millennials and Gen X spent a little more while the older groups spent a lot less. In 2021 spending took off in all groups. In 2022, only Gen X spent less. In 2023, the older groups spent less, but the younger groups spent more. In 2024, only Gen Z spent less, a widespread, but small lift, +$0.89B.

Next, we’ll turn our attention to the Service Segments. First, Non-Veterinary Pet Services

  • All but the Boomers spent more. Gen X had the biggest increase and stayed #1 in Services $.
  • Gen X – Ave CU spent $145.78 (+$16.29, 12.6%); 2024 Pet Services spending = $5.29B, Up $0.51B (+10.7%)
    • 2020>2024: Up $2.77B; A big drop in 2020. The 2nd biggest lifts in 21>22 but fell to #2. In 23/24 they are again #1.
  • Baby Boomers – Ave CU spent $80.96 (-$22.05, -21.4%); 2024 Pet Services spending = $3.36B, Down $0.90B (-21.1%)
    • 2020>2024: Up $1.17B; A big $ drop in 2020 but the biggest lifts in 21/22. Small lift in 23 & a drop in 24 – #3 in $.
  • Millennials – Ave CU spent $111.41 (+$10.86, 10.8%); 2024 Pet Services spending = $4.10B, Up $0.47B (+13.0%)
    • 2020>2024: Up $2.47B; In 2020 they had the smallest decrease and with the 2021>24 lifts, their spending is now 2.5 times the amount in 2020. They moved up to #2.
  • Silent/Greatest – Ave CU spent $57.56 (+$18.60, 47.7%); 2024 Pet Services spending = $0.58B, Up $0.14B (+30.9%)
    • 2020>2024: Up $0.16B; They have the need but not the $. A big lift in 24 but their spending is still 5% below 22.
  • Gen Z – Ave CU spent $29.30 (-$5.93, -16.8%); 2024 Pet Services spending = $0.33B, Up $0.01B (+4.0%)
    • 2020>2024: Up $0.20B; They still have the smallest share of the $ but their spending is 3 times more than 2021.

This segment had slow annual growth until 2017 which saw a small drop in spending due to an extremely competitive environment. In 2018, the increased number of outlets really hit home, and spending exploded. 2019 brought another small decrease as Gen Xers & Millennials looked for and found a better deal. 2020 brought pandemic restrictions and closures. 2021 saw a record lift which they exceeded in 2022. In 23/24, growth slowed, and Gen X is again #1 in $.

Now, Veterinary Services

  • Boomers had the only decrease. Gen X stayed on top in CU spending and returned to #1 in total $.
  • Except for the 2022 drop by Millennials, the younger groups have had a growing commitment to this Pet Parenting responsibility. The combined Vet $ of Millennials, Gen Z & Gen Xers is up 31% from 2023 but 111% from 2020.
  • Boomers – Ave CU spent $247.14 (-$41.52, -14.4%); 2024 Veterinary spending = $10.27B, Down -$1.67B (-14.0%)
    • 2020>2024: Up $1.34B; In 2020, Boomers focused on Food & Vet. In 21 they had a big drop in Food but a big lift in Vet $. They were #1 in Vet $ until the drop in 22 pushed them to #2. They were #1 in 23 but fell to #3 in 24.
  • Gen X – Ave CU spent $380.20 (+$69.85, 22.5%); 2024 Veterinary spending= $13.79B, Up $2.34B (+20.4%)
    • 2020>2024: Up $6.14B; They have been #1 in CU Vet spending since 2018. They are the only group with an increase in Vet $ every year since 2019. In 22 they became #1 in $. In 23 they fell to #2 but are again #1 in 24.
  • Millennials – Ave CU spent $353.20 (+$97.47, 38.1%); 2024 Veterinary Spending $12.99B, Up $3.77B (+40.8%)
    • 2020>2024: Up $6.94B; They had the biggest lift in 21, the biggest drop in 22 and big lifts in 23/24. They are #2.
  • Gen Z – Ave CU spent $224.87 (+$37.53, 20.0%); 2024 Veterinary spending = $2.51B, Up $0.84B (+50.1%)
    • 2020>2024: Up $2.31B; Their growing commitment to Pets includes Vet Services as 24 spending is 6 times 21.
  • Silent/Greatest – Ave CU spent $73 (+$49.03, 40.3%); 2024 Veterinary spending $1.71B, Up $0.34B (+24.3%)
    • 2020>2024: Down $0.31B; Their pets’ health is still a priority. Even with high prices, they had a 24% increase.

Veterinary spending continues to be important to the 3 younger groups but is a priority for all groups. Boomers had a $2.2B lift in 23 so a drop in 24 was not unexpected. Even with 7.4% inflation, everyone else bought more Vet Services.

One last chart to compare the share of spending to the share of total CU’s to see who is “earning their share”.

  • Gen X Performance – Total: 125.6%; Food: 120.8%; Supplies: 123.6%; Services: 145.0%; Veterinary: 125.1%
    • Gen Xers stayed at the top in performance. They earned their share in Total Pet and all segments. Except for the 2020 dip they increased their Total Pet Spending every year since 2016. In 2021 they had a big increase in every segment. In 2022 they had some spending dips but an overall increase as they stayed on top in Total Pet $. In 2023, they had lifts in all, but Food and they were the performance leader in all NonFood segments. 2024 was even better. They are the performance leader in Total Pet and all segments.
  • Baby Boomers Performance – Total: 92.2%; Food: 108.1%; Supplies: 91.3%; Services: 80.5%; Veterinary: 81.3%
    • Boomers led the way in building the industry, but their time may have passed. They only earn their share in Pet Food and are still the spending leader. In Total Pet and all other segments, they are #3 in $. They are still the most emotional Pet Parents, so their spending is subject to radical swings like 2020’s panic, binge buying of Pet Food. They should still be a major force in the Pet Industry for many more years, but the Gen Xers are now the top performers, and the Millennials are preparing to eventually take their turn at the top.
  • Millennials Performance – Total: 102.7%; Food: 98.2%; Supplies: 110.2%; Services: 110.8%; Veterinary: 116.2%
    • Millennials are the only group to have increased their pet spending every year since 2016. Their spending is more evenly balanced, and their performance is 100+% in all but Pet Food (98.2%). Their future as the Pet Parenting spending leaders is still aways off. Their income, home ownership and pet spending are all increasing. They are educated and well connected. Indications are that they may lead the way in adopting new trends, especially in food. Their progress is good news, but in reality, their leadership may be a decade away.
  • Gen Z Performance – Total: 58.0%; Food: 50.2%; Supplies: 60.1%; Services: 29.1%; Veterinary: 74.0%
    • Their getting started numbers are low in all but Vet. Even with a drop in 24, they are above the oldsters in Total.
  • Silent/Greatest Performance – Total: 55.8%; Food: 53.6%; Supplies: 58.1%; Services: 57.2%; Veterinary: 56.2%
    • Pet Parenting is more challenging in old age. Their performance is low, but now above the 55.6% in 22.

Baby Boomers are still the heart of the industry but no longer the $ leaders. Gen X leads in both CU $ & Total $ . They will continue to grow as they are pursued by Millennials, who are waiting to take their turn at the top. Pet Spending has become more balanced across the generations. This bodes well for the continued strong growth of the industry.