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

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 3^rd. 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 2^nd 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.