It’s no secret that people splurge for their pets. Though the United States economy was unstable for many years, according to Pet Age, “There has been one sector serving as a solid backbone for the country — the pet industry. Driven by people who see pets as family members and strive to improve their lives on a daily basis, the industry has accounted for a whopping $66 billion in consumer spending since the conclusion of 2016.”
Not just pet spending, but pet ownership is rising too. The number of “pet parents” has reached 84.6 million homes, or 68 percent of the population. These rising statistics are no fluke, either. Last year millennial pet ownership surpassed that of baby boomers. As this shift happened, the average amount spent per pet also increased. Millennials treat their pets as more of an integrated family member than any other generation. This mindset equates to higher spending. Thirty-five percent of all pets in the U.S. are owned by millennials. It’s likely over the next few years this number will only increase.
Humanization of Pets
Pet owners are treating pets more and more like a human member of the family, even going so far as to reflect their own lifestyle onto their pets. Trends that are popular among millennials are becoming popular in pet products. For example, organic food, holistic health, and all natural products have become increasingly popular.
Flea markets, fairs, and festivals are an ideal environment for selling pet related products. First, many flea markets are pet-friendly. Many shoppers will already have their furry friends in tow or at least be surrounded by other families’ pets. Either way, their four-legged family member is at the top of their mind.
Also, since 68 percent of the population has a pet, you can be assured that your products appeal to a large demographic. Flea market price points also encourage impulse purchases. Everything from pet clothing, collars, leashes, toys, and accessories can all easily be offered at value prices. There is also plenty of opportunities to get creative with handmade treats and custom tags. There are a variety of ways to get your business involved in this growing and profitable industry. From food products to apparel to toys to gear, there’s something for every individual person and pet.