reason why baby boomers are the top spenders is that they are financially independent compared to the other generations. Millennials, on the other hand, are still accumulating wealth to attain financial independence; hence their spending on pets is significantly limited. Regardless, the millennials still spend a substantial amount of money on their pets; and the spending has been increasing over the years despite their limited financial capacity. Gibbons (2017) concludes that millennials are undoubtedly the future of the vet industry; the reason being that they have led the way in consumer trends. In 2014, they were at the top in regard to the purchase of premium pet food; and the baby boomers followed in their footsteps. Veterinary spending is also bound to increase as the millennials gain more financial independence; this dictates a bright future for the veterinary industry.
The findings of Gibbons (2017) are backed by several other studies conducted by IDEXX veterinary laboratories; the studies here confirm that human-animal bonds significantly increase with the generations mentioned above. Further, the studies confirm the fact that economic spending on pets is growing fast. Gen X and Millennials are considering their pets as family members and are paying more attention to the nutrition and health needs of their pets than baby boomers.