More Millennials Are Opting For Pets Over Children As Pet Industry Continues To Grow
VIRGINIA BEACH, VA / ACCESSWIRE / February 28, 2024 / Millennials and their "fur babies" are taking center stage in modern society. As millennials are increasingly delaying major life milestones like marriage, children and home buying, pets seem to be the exception. As of 2024,

These pet owners are also willing to make sacrifices to keep their furry friends happy and healthy. Nearly
Another recent survey showed that over half of pet owners would even take on debt before cutting their pet budget. The shifting perspectives closely align with the humanization of pets. Pets are increasingly seen as family members, leading to heightened demand for high-quality services like better veterinary care, pet insurance, organic food and unique pet experiences. Pet industries across the board are experiencing growth as a result. Americans spent
There has also been an increase in services and companies that cater to pets like Chewy Inc., Wag! Group and Inspire Veterinary Partners Inc. (NASDAQ:IVP). While companies like Wag! offer pet care as an employee benefit, others like Freshpet are at the forefront of this movement towards advanced personalized nutrition for pets, with a focus on high-quality, specialized pet food products.
As an employee-owned veterinary group, Inspire Veterinary Partners is another innovator in the space. The company specializes in owning and operating veterinary hospitals in the United States, with a focus on small animal general practice hospitals that serve companion pets - including canine and feline breeds - as well as equine care. For veterinary doctors and pet owners alike, this can feel like a breath of fresh air as large consolidators currently own approximately
One of the key principles of Inspire Veterinary Partners is making ownership transitions healthy for employees, pet owners and pets. It aims to create a seamless and positive experience for both the veterinary teams and the patients they serve. But what really sets Inspire Veterinary Partners apart is their unique equity model. As the first employee-owned veterinary group, its practices will soon launch plans to offer equity to veterinarians and team members, allowing them to share in the rewards of the practice they help build.
The pet services industry is set to grow at a compound annual growth rate (CAGR) of
Featured photo by Kate Stone Matheson on Unsplash.
Contact:
Kevin McGrath
kevin@tradigitalir.com
SOURCE: Inspire Veterinary Partners, Inc.
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