In recent years, the pet economy in the United States has been rising at an astonishing speed.

Pets have long surpassed the simple role of companionship and have gradually become an indispensable member of the family. The latest research shows that Americans' spending on pets continues to climb, giving rise to a market with huge potential.

Pet Familyization: The Lifestyle of Gen Z and Millennials

A study by Harris Poll revealed changes in the status of pets within families. Data shows that 82% of pet owners regard their pets as their children, and even talk about their pets as they would about their kids.

This trend is particularly evident among the younger generations—Gen Z and Millennials.

More and more young people are choosing to have pets instead of children. The reasons are not hard to understand: pets are easier to care for, less of a financial burden, and come with fewer responsibilities, while still meeting emotional companionship needs. This phenomenon is changing the composition and lifestyle of American families, making pets the core of emotional support.

Pets are becoming important family members. Image source: ACCESSWIRE

Spending on Pets, No Holding Back

The elevated status of pets in the family has directly led to increased consumer spending. Data shows that American pet owners spend an average of $4,366 per year on their pets, with Gen Z spending the most at $6,103, followed by Millennials at $5,150. In comparison, Gen X and Baby Boomers spend an average of $3,878 and $2,454, respectively.

These expenses are concentrated in areas such as pet food, veterinary care, insurance, grooming, and toys. However, as pet ownership becomes more refined in recent years, the scope of spending has become more diverse. Pet owners not only focus on basic needs but are also willing to pay for innovative products that improve their pets' quality of life.

Spending on pets. Image source: ACCESSWIRE

Hot New Products: Intelligence and Practicality as Selling Points

This wave of pet economy boom has spawned many popular products.

For example, a smart pet water fountain called “Smart Pet Water Fountain” sold 9,000 units and generated over $350,000 in sales within a month of launching on TikTok's US shop, thanks to features like circulating water, remote monitoring, and quadruple filtration.

Another product, the pet hair broom launched by IndigoPetCo, addresses the pain point of cleaning pet hair. This tool can easily sweep hair from carpets and sofas, and quickly became popular due to its high cost-effectiveness. As of mid-November, nearly 50,000 units had been sold, with sales continuing to rise.

Enthusiastic user feedback. Image source: IndigoPetCo brand independent site

These cases show that consumers are more inclined to buy products that solve real problems and improve the quality of life for pets, and promotion on social platforms like TikTok has further fueled the rapid popularity of these hot items.

Capital Targets the Pet Track: ShuaiKe Pet Secures 1 Billion Yuan Financing

The capital market is also accelerating its layout in this sector. Shandong ShuaiKe Pet Products Co., Ltd. recently completed a new round of financing worth 1 billion yuan, with investors including Advent International and Boyu Capital.

ShuaiKe Pet has previously attracted capital attention multiple times, and this financing not only recognizes its own strength but also shows optimism for the future of the entire pet industry. The injection of capital will help ShuaiKe further optimize its supply chain and enhance product innovation capabilities, and also signals that competition in the pet industry will become even fiercer in the future.

Single financing of 1 billion yuan. Image source: Tianyancha

From Pets to Market, Future Potential Is Promising

As pets' status in families continues to rise, the pet economy is becoming a new consumption hotspot.

Whether it's technological products like smart water fountains or practical products like hair removal tools, the key to success lies in meeting the real needs of pet owners.

For sellers, the window of opportunity in the pet economy has already opened. From meeting basic needs to tapping into the high-end market, from product innovation to precise marketing, how to build deeper emotional connections with consumers may be the key to breaking through future competition.