Over a third of millennial dog owners own a home and four in ten intend to buy a car next year
Millennials are dog crazy and man’s best friend might have more influence over their owners’ lifestyles and purchasing decisions than previously thought. A study conducted by SunTrust Mortgage and featured in TIME magazine and USA TODAY reveals that a third of millennials say that their dog’s happiness came before children or marriage when it came to purchasing their first home. What’s more telling is that two-fifths (42%) of millennial dog owners who have never owned a home say their dogs will influence them when they start house-hunting. Could those furry canines have their paws on more than just home-buying decisions.
YouGov Profiles reports 40% of millennials have dogs and nearly the same amount don’t own a pet (38%). Just over a third of millennial dog owners also own a house – 12% own outright and 22% with a mortgage – and three-quarters of these dog owners have access to their own outdoor space, something only half of millennials without pets can say (52%). While one in four millennial dog lovers rent from a landlord (26%), renting is vastly more popular amongst those without pets (42%).
Given that more millennial dog owners have a home, do they also need cars? Indeed, four in ten young dog owners (42%) will be in market for a car over the next year, about seven percentage points more than those without pets. About one in five millennials with dogs say they’ll buy a new car (18%), nearly double the rate that millennials without pets responded (8%). Nearly six in ten of these dog owners say they’ll be responsible for buying cars, something that just under half of millennials without pets also said (48%). This increase in fiscal responsibility may stem from a higher rate of stability in millennial dog owners versus non-owners. Nearly two in three dog owners (64%) say that they’re better off now than a year ago, something just over half of their millennial counterparts without dogs also say (58%).
There are also differences between consumer habits. More millennials with dogs say that they like when a company has a moral message than millennials who don’t own a pet (70% to 59%). Young dog lovers are also more inclined to only buy from products from companies whose ethics they agree with (48%) than their millennial counterparts (34%). Dog owners are also more likely to always check product reviews before purchasing (67%) and their stability in life also leads them to say they don’t mind paying extra for quality at a higher rate (77%).