Millennials choose kittens over kids
New research commissioned by pet insurance technology specialist, Aquarium Software, shows that over half of Britain’s 18-24 year olds ‘generally find pets more fun to be with than children’. The new YouGov survey reveals that 51 per cent agreed with the statement, with just 19 per cent disagreeing. Nearly 38 per cent of the British pet owners agree overall with the nation’s millennials, in preferring pets to kids; 25-34 year olds are not far behind, with 40 per cent agreeing pets are generally more fun, while just 27 per cent disagree.
The research comes as Aquarium calls on the pet insurance industry to recognise the role emotion plays in the purchase of pet insurance policies, and persuading owners of the value of insurance - it must appeal to young and old alike. Aquarium is tailoring insurance technology for the challenges pet insurers face, helping to make insurance more affordable across the demographic spectrum, as price can be a key barrier to purchase.
“You would think young adults would have more in common with children than animals, but this research suggests this is far from the case and underlines our love affair with pets is here to stay for the foreseeable future,” said Mark Colonnese, Aquarium Software Director. “Pet insurance products must be pitched with campaigns reflecting their love of pets and sensitive to their pockets, as two fifths of British pet owners have never insured them.”
While sophisticated new treatments are available to keep our furry friends healthier for longer, people in the 18-24 age bracket are unlikely to afford such care without insurance. Even a simple leg fracture for a dog or a cat can cost £6,000 to fix, making insurance essential not just in Britain, but worldwide. A simultaneous identical survey commissioned by Aquarium in the US market makes fascinating reading. 59 per cent of 18-24 year old American pet owners agree pets are more fun. Yet among 25-34 year old Americans, 44 per cent see pets as more fun. Only 33 per cent of 55+ Americans see pets as more fun; similarly 32 per cent of Brits aged 55+ are in agreement with their US counterparts on this.
“As the data shows, millennials in America see pets as more fun than children, compared to over 55s on both sides of the pond who share similar views on pets,” added Colonnese. “By this age some over 55s are entering ‘grandparent mode’ but the contrast in view is amazing. Given these facts, the power to link vet, pet, parent and insurance provider, combined with Big Data can help us market and price polies accordingly and ensure our love affair with our pets is lifelong.”