Why should the shares of a clay mining company, Oil-Dri Corp, rise impressively year-on-year because millennials chose pets over parenthood? Because of the greatly increased demand for clay-based cat litter to accommodate the increased number of pets living in America’s homes.
This article looks at the trend of millennials (born 1981-1996, 28-43 years old) preferring pets over parenthood and the exciting 🤢 business of clay mining and how successful it has become with an associated steady increase in share value. Clay mining damages the environment 😢. What is the best litter substrate?
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Millennials – pets over parenthood
In recent years, there has been a notable shift among millennials toward choosing pets over parenthood. Here are some reasons why:
Career Focus: Many millennials prioritize their careers and want to establish themselves professionally before starting a family. With 35% of the American labor force being millennials, they are the most significant generation in the U.S. workforce.
Pet Ownership: A 2020/21 poll revealed that millennials own the highest percentage of pets in the United States (32%). This trend has contributed to the household rate for pet ownership growing from 56% in 1988 to over 70% in 2020.
Social Media and Furry Friends: Millennials enthusiastically share pictures of their cats, dogs, and other pets on social media. Owning pets has become a way to express love and companionship, akin to how parents share photos of their children.
Millennials Prefer Pets: According to a survey by YPulse, a whopping 76% of millennials (ages 20 to 38) prefer having pets over having children. Over half of the respondents in this age group own dogs, and 35% own cats.
Emotional Bonds: Interestingly, 81% of millennial pet owners say they love their pets more than at least one family member. Cat owners (85%) are slightly more likely to choose their pet over a relative than dog owners (83%).
Practice for Parenthood: For many childless millennial women, caring for their pets serves as practice for potentially having children in the future. About 72% of these women explicitly state that they prefer the company of their pets over the company of children.
In summary, pets have become cherished companions for millennials, and their popularity reflects a shift in priorities and lifestyle choices. 🐾👶. Sources: Top Dog Tips, Study Finds, Psychology Today.
More about millennial parenting trends
Millennial parents are shaping parenting trends in unique ways.
Waiting Longer to Start Families:
Unlike previous generations, millennials are opting to start families later in life. Factors such as financial constraints, career decisions, and wanderlust contribute to this trend. In 2017, the average age for a woman’s first baby was 26.8 years, compared to 21.4 years in 1970.
Sharing on Social Media:
Social media plays a significant role in millennial parenting. Parents enthusiastically share their children’s lives online, from the first sonogram to high school graduation. 81% of millennial parents have posted images of their kids on social media, in contrast to 47% of baby boomer parents. Parenting blogs, which emerged in the early 2000s, cover topics ranging from co-sleeping to family travel.
Work-Life Balance and Unstructured Playtime:
Millennial parents value work-life balance for themselves and their children. They avoid overscheduling their kids, fearing it may negatively impact mental health. Unstructured playtime is prioritized, allowing children more autonomy over their time.
Navigating Challenges:
Millennial parents face various challenges, including stress, finances, raising kids in a digital age, parental guilt, and balancing work and family life. Despite these challenges, 77% of millennials believe they are more present with their children than their own parents were.
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Oil-Dri Corp., a miner of clay. Stock doubles.
BNN Bloomberg reports that the share value of Oil-Dri doubled last year and was at a record in March. The company is based in Chicago. Cat litter sales are increasing at around 4% annually. They say that there are already twice as many dogs and cats as kids under 18 and while inflation has eroded spending, consumers are still buying.
The company supplies private labels and makes Cat’s Pride and Jonny Cat litter is. The chief executive officer believes that despite the cost-of-living people aren’t abandoning their cat “but maybe they’ll trade down” and buy cheaper cat litter.
Sales of cat litter in the US retail stores jumped almost 10% in the year ending March 2023 to about $2.9 billion. The increased value of this market is due to higher volumes and higher prices.
Pet ownership has steadily risen since the mid-1990s with Covid-19 spurring adoptions as we now know. Millennials are now referring to adopt a cat or dog rather than have a child. They are having starter kids i.e. pets.
