Millennial dog owners spend more than double on their pet’s wellbeing and insurance than older owners.
More than three quarters (78%) of 25-34 year olds have pet insurance compared to 57% of those over 55 years old.
In addition, millennials spend twice as much every month, with 25-34 year olds investing £40 ($50) per month, while over 55s spend just £17 per month.
This is according to research from consumer insights platform QuMind, which also found that 67% of 25-34 year olds would pay to use an app to track their pet’s health. Also, 66% spent more money of health products and services for their dogs than for their own health.
Furthermore, dog owners wanted perks and rewards for taking care of their pets. One third of millennial pet owners would like to receive rewards to keeping their dog healthy.
Social media was also crucial as 52% of 24-25 year olds were more likely to buy pet insurance based on recommendations on social media. Only 28% of all respondents agreed.
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Mark Ursell, CEO of QuMind, said: “Millennials have revealed themselves to be the most dedicated dog owners with significantly higher investments in both pet insurance and maintaining the overall health of their dog, compared with older generations. Insurers should therefore look at how they can effectively target this market by connecting with them through the social channels they are already engaging with, and by offering them incentives that will help them improve their dogs health, which in turn is likely to lower repayments from the insurer.”