Thornburg IM

Puppy Boom: Active Pets + Active Management = Opportunities


Pixabay CC0 Public Domain
  1. The American Pet Products Association estimates that pet ownership increased from 56% of households in 1988, to 67% in 2019 and 70% post pandemic, mostly driven by millennials.
  2. As family formation has taken a back seat, and as many employees were told to work remotely during the pandemic, many millennials have chosen to have “fur babies” over children, especially during the COVID-19 pandemic.
  3. Morgan Stanley predicts an acceleration to an 8% compound annual growth rate for U.S. pet expenditures by 2030, one of the largest rates of return in any retail segment.