Millennials now make up the largest segment (35 percent) of pet owners, but how do they actually feel about their furry friends? A new survey from TD Ameritrade reveals the significant impact pets have on young pet parents, and how much they’re willing to spend.
According to the report, seven in 10 Millennials own a pet—more than half (56 percent) are dog owners while 36 percent are cat parents. Male millennials are actually more likely to be pet owners than their female counterparts (76 percent and 68 percent, respectively).
Here are some of the other key findings from the survey:
• Most millennials (67 percent) see their pet as part of the family and would refer to them as a "fur baby."
• A majority of millennial pet owners (68 percent) would take leave from work to care for a new pet if their employer offered it.
• Millennial dog owners spend $1,285 per year on their pet. As a group, that accounts for $67 billion annually.
• Young cat owners spend slightly less, at $915 per year individually and $33.5 billion a year as a group.
• If their pet falls ill, Millennials are ready to spend an average of nearly $2,000 for the animal’s medical care. One in 10 said they are prepared to spend upwards of $10,000 on a sick pet.
The online survey polled 1,519 Americans between ages 21 and 37—72 percent of which were pet owners—about a variety of pet-related topics. It was completed by Head Solutions Group between February 21 and March 7 of this year on behalf of TD Ameritrade Holding Corporation, a leading U.S. retail trading company.