According to a new report from Zulily, nearly two-thirds of millennial pet owners say it would be more stressful to be separated from their pet for a week than from their phone. These are the same folks who spend countless hours on their smartphone every day.
Millennials own 35 percent of pets in America—more than any other demographic, and they are serious about their furry friends. Pets are not just members of the family. They have become a valuable security blanket and coping mechanism for the young generation.
Millennial stress levels are remarkably high compared to older generations, and nearly 20 percent suffer from anxiety and depression. Faced with underemployment, student debt and the prospect of moving back in with their parents, the unconditional love of an animal offers the joy and solace that many millennials desperately need in this dog-eat-dog world.
Is this strong attachment actually holding millennials back from starting families?
Research shows that millennials are delaying marriage, parenthood, and homeownership. For those who have been fortunate enough to purchase a house, a third have done so to make more space for their dog. Meanwhile, around 33 percent depend on their parents’ financial help.
Young people can’t blame pets for all of their financial problems. College-educated millennials are still struggling to find decent-paying jobs to pay off their loans. However, the amount of money they are spending on their animals is astronomical and might have otherwise been applied toward an engagement ring or the escrow fees on a house.
Pet retailers represent a $69 billion industry, and they can thank millennials for most of their moolah. Around 92 percent of millennial pet owners purchase gifts for their pets, and 51 percent purchase a gift for their pet at least once a month. Add vet bills, dog food, and grooming to the equation, and you might as well be paying for a child.
Millennial pet owners are even willing to sacrifice part of their relatively modest salaries to spend more time with their pets. About 71 percent would be willing to take a pay cut in order to bring their pet(s) to work every day, and 21 percent would happily take a pay cut of 20 percent or more for this luxury.
All of this puppy love seems to be clouding millennials’ sense of reason. How can they ever expect to meet the same milestones as their parents and grandparents when they are allocating such a large percentage of their income towards their pets?
Pet-obsessed millennials clearly don’t care, and wouldn’t have it any other way.
Brendan Pringle (@BrendanPringle) is a freelance journalist in California. He is a National Journalism Center graduate and formerly served as a development officer for Young America’s Foundation at the Reagan Ranch.
