Veterinary medicine has reached the precipice of a fantastic turning point. For years, the pet ownership market has been stagnant - stable through rough economic waters, but offering little quarter to rising numbers of veterinary graduates.
However, recent statistics show that there is much more than a glimmer at the end of the tunnel! We are beginning to see veterinary medicine emerge under blinding stadium lighting, ready for the primetime, all because of two demographic trends: the novel attitudes of Millennial pet owners, and the resiliency of baby boomers. In this blog we will be focusing on the former.
Millennials are the largest generation at 80 million strong: they’ve adopted technology holistically throughout their lives, and they’re savvy consumers who are eager to embrace forward thinking brands. The size of the Millennial demographic makes them easy to reach superficially, but it can be difficult to attract and retain them long term.
So why are they so important to your veterinary clinic? Because the novelty of the Millennial outlook also extends to their treatment of pets!
Millennials are already the largest demographic of pet owners, and their numbers continue to grow.
The average Millennial owns their first pet at age 21, as opposed to age 29 for Boomers.
Millennials are more likely to see their pet as part of the family unit, especially for those without children.
Millennials expect to spend more on pet care than previous generations, and are more willing to pay premiums for the most innovative veterinary care.
Millennials see pet health as an ethical responsibility, and non-optional even in poor financial climes.
Millennials seek out expert opinions, and are more likely to be highly educated themselves.
And most interestingly:
- Millennials consider themselves highly brand loyal BUT if providers do not offer great value or the service they’ve come to expect, they will jump ship for a competitor much faster than previous generations.
Baby Boomers, don’t get jealous! Industry analysts predict that the drop-off age for pet ownership will increase from 60 to 70, as improved health and finances equates to even more spry folks sharing their retirement with pets.
Together, these statistics add up to growing momentum in pet ownership, on both the young and old sides of the scale. Veterinarians on the whole are perfectly positioned to capture the increased demand we will almost certainly see.
The only question is: will your practice be ready?
Now is not the time to flounder in technological doldrums.