It’s official: Millennial Americans (roughly 23 to 38) have overtaken Baby Boomers as the largest pet-owner demographic, and their attitudes and financial circumstances are changing the face of pet care.
One way to serve this growing “pet parent” demographic is wellness plans, which help them provide the best possible care with the convenience, connection and flexibility their lifestyles demand.
The Millennial-Pet bond
A recent survey by Healthpocket discovered that 62% would take their pet to the vet before going to the doctor themselves. Along with Generation Z (22 and younger), millennials have made it clear that pets are part of the family.
According to this APPA Pet Owners survey, 70% of millennial dog owners and 55% of millennial cat owners say their pet ‘is like a child.’ Dr. Karen E. Felsted, CPA, MS, CVPM, CVA, veterinarian and founder and president of PantheraT consulting, notes that wellness plans are once again in the spotlight because “owners are placing a greater value on the lives and wellbeing of their pets” – a trend relying heavily on millennial pet owners.
Peace of mind
Many millennials enter adulthood with student debt and aren’t as financially stable as earlier generations, so they are budget-conscious and choosy about which companies they do support. Value-minded millennials are also more receptive to engaging in preventive care. These owners are eager to provide the best for their pets, and want cost-effective options and long-term security.
One of the defining features of millennials is that they tend to turn to the internet first for information. Millennial pet parents often turn to Google for advice and to online retailers for products and medications.
Millennials are likely to research veterinary clinics in their area to find out which one will provide exceptional, affordable care. Practices that differentiate themselves with customizable wellness plans based on a pet and client’s unique needs will be more likely to attract and retain this valuable market.
Millennials are considered the driving force behind the growth of the subscription economy. Along with monthly streaming and gym memberships, they subscribe to recurring deliveries of vitamins, meal kits and other essentials. Monthly payment plans for their pet’s health and wellbeing fits right into the millennial lifestyle. And by bonding these clients to your practice, you are proactively protecting your business from third-party retailers.
Ultimately, wellness plans serve a dual purpose — they ensure pets have the best care, while providing the curated, personalized experience and budget-friendly payment options that millennials love.
Ready to put wellness plans into practice?
VCP is North America’s leading veterinary wellness solution, recently acquired by Covetrus. The VCP platform allows veterinarians to easily create and manage customizable wellness programs.
Learn more about VCP, Covetrus and our commitment to wellness for life.