Pet industry publications are eager to track the next big shift in pet ownership, as Millennials overtake Baby Boomers in spending power. Pet Age recently showcased the “The Millennial Pet Owner” report by Wakefield Research.
Following his presentation at the Pet Industry Joint Advisor Council (PIJAC) conference, Nathan Richter, Wakefield Research partner, added his insights to the Pet Age story. “Boomers are currently the bedrock of the pet retail industry, but the last of the Boomers turn 65 in 2029,” said Richter. “As this generation ages, retailers must learn to reposition their offerings for the Millennial consumer. This requires learning how to tailor products and services to Millennials’ unique needs, which differ from those of Boomers.”
And the time for the pet industry to act is now. “Time and again, we find that many companies are making crucial mistakes when marketing to Millennials; it’s not something that can be learned overnight,” said Richter. “The time to begin learning, and building relationships, is now, not five years from now when Millennials have already developed an affinity for your competitor.”
Consumer research companies are a valuable source of knowledge about Millennials. You can’t sell to someone you don’t understand.