Millennials have changed American industries and spending priorities like no other generation. While millennials love spending on apps, avocado toast, and artisan beer, one spending obsession tops them all--pets. More millennials have pets than kids, and with 75% owning a pet, associated spending is continuously on the rise. Millennials aren't afraid to splurge on their beloved pets, making veterinary care a top-line budget item. Total 2019 U.S. pet industry expenditures are expected to top $75 billion, with almost $19 billion going to vet care costs.1
Weave commissioned a nationwide study of U.S. millennials to gain an understanding of how important pets are to this generation that accounts for nearly half of the U.S. labor force. The results provide insight into what millennial pet owners expect from their veterinary clinic experiences, what makes them leave a provider, and what helps them maintain loyalty to a specific clinic. The findings were clear: In order to win and keep millennial clients, veterinary clinics must provide personalized, friendly care and vastly improved communication--as this generation expects a very different type of communication from that of their predecessors.
Several key findings from the survey include:
92% of millennials are as concerned about their pet's health as their own health.
More millennials would rather spend time with their pet than with their spouse, parents, and friends, combined.
86% of millennials would risk their own life to save their pet.
Millennials love pets more than they love life's indulgences, and more millennials would give up alcohol, sugar and marijuana than their pet.
19% of millennials would give up their job before they gave up their pet.
Only 15% of millennials will always answer their phone if they don't know who is calling, but 81% of them would definitely answer if they saw it was their veterinarian.
More millennials would give up experiences like going to bars, concerts, sports and taking vacations rather than giving up their pet.
81% of millennials want their vets to automatically recognize them when they call, but 72% have had to wait while their vet looks up their account.
Millennials love pets more than they love tech, and more millennials would give up social media and their smartphones before giving up their pet.
"Millennials have grown up with technology, and expect that tech will enhance all experiences throughout their lives, including everyday purchases like veterinarian care for their animals," said Brandon Rodman, CEO at Weave. "Millennials require tailored services, and that starts with better, more customized communication from their veterinarian clinics that is clear, kind and timely. You can't provide personalization without the right technology."
To learn more about creating high-touch, personalized customer communication experiences, visit www.getweave.com.
About Weave, Inc. Weave is the premier customer communication platform for service-based businesses, helping to deliver personalized, relevant and timely customer experiences. From customer acquisition to retention, Weave provides communication software solutions for the entire customer journey. With over 12,000 customers, Weave was the first Utah company to join Y Combinator, and has received several renowned awards, including the Inc. 5000 fastest-growing companies, Glassdoor's Best Place to Work and Top CEO. To learn more, visit www.getweave.com
About the Weave survey: This study was conducted by independent market research agency TrendCandy.io and has a margin of error is +/-4.26% at the 95% confidence level. n=532