Due to changing social tides, millennials and Gen Z are:
Getting married later, having fewer kids, and buying fewer houses
Seeking connection and community outside of a traditional family structure
Spending more money on pets and plants
We see an opportunity to invest in the next generation of products, services, digital tools and applications that support these interests.
At Able Partners, we’re always asking: What’s next for consumer spending? As Millennials and Gen Z redefine traditional milestones — delaying marriage, skipping homeownership, or rethinking parenthood — new opportunities are emerging in unexpected places. Where past generations invested in houses and cribs, today’s young adults are pouring their resources into pets and plants that provide connection and purpose.
This isn’t just a cultural shift — it’s an investment opportunity waiting to be tapped.
Pets As An Alternative to Parenthood
For many young people, pets have taken the place of kids. As the pandemic showed us, pets are more than just companions — they’re family. And with 66% of US households owning a pet, the pet care market is booming. Pet adoption rates soared during the pandemic, with 23 million households welcoming new pets into their lives. The pet care market is consistent and growing, with 70% of pet owners adopting another pet after their first one passes. Millennials and Gen Z lead this charge, and with their growing disposable income, they’re spending on more than just kibble. While we have seen the impact of humanization in both the pet food and supplement categories, we believe the next wave of innovation in pet lies at the intersection of pet and healthcare:
Personalized Health: From diagnostics to longevity-focused care, more companies will emerge putting a focus on personalized health and extended lifespan for pets in the same way we’ve seen for humans. As pets take a larger share of wallet, we anticipate that employer benefits may evolve to offer pet coverage as a retention tool.
Petlio: An at-home testing solution for pets to help them live longer and better
Gallant: A biotech platform focused on improving the health and well-being of pets through stem cell therapy and regenerative medicine
Loyal: DNA testing and personalized health supplements aimed at helping pet owners extend the lifespan and improve the health of their pets
Pet Mental Health: Like humans, pets experience stress, anxiety and other mental health issues. Pet owners are seeking ways to support their pets’ mental health just as they would their own with a focus on anxiety and stress relief, cognitive function and behavioral health.
Reggie: Calming products for pets to alleviate anxiety and stress
Zesty Paws: Supplements delivering functional benefits across behavioral health, mobility and gut health (Acquired in 2021 by Health & Happiness Group International Holdings)
Social & Community Connections: Pet owners are seeking shared experiences with other pet parents. Digital communities, in-person meet-ups, access to expert advice, and shared pet-friendly spaces are examples of ways that pet owners will look to connect and learn as they navigate pet parenthood.
Plants Show Promise
For many, plants have become a popular alternative, providing a sense of ownership and responsibility. Plant consumer behavior tends to mirror pet consumer behavior, with enthusiasts seeking out rare species, specialized care, and community support. Plants offer tangible benefits too including improved air quality, decreased stress, and increased self-care and confidence.
The plant market is still in the early innings, but has grown astronomically in recent years. We see several opportunities that we’re excited about including:
Functional Plants: Genetically enhanced varieties that improve air quality, protect nature, deter pests, or emit light.
Next-Gen Plant Care: Services like supercharged fertilizers, diagnostics, and even plant “clinics.”
Easyplant: Self-watering plant system to make plant care effortless
Innovative Distribution: Social shopping, delivery platforms, or community-focused retail hubs that offer expertise and connection.
Palmstreet: A live shopping platform for exotic plants, offering a curated selection of greenery for homes and businesses
Plants aren’t just décor — they’re a gateway to healthier, more sustainable lifestyles.
The growth in pet and plant ownership reflects a broader shift in how younger generations are prioritizing connection, well-being, and purpose. We see this as an exciting opportunity to back the companies shaping these trends.
We’re interested in meeting companies that are creating the next generation of companies that address changing demographics and cater to new kinds of consumer spending. If that’s you, get in touch with us at info@ablepartners.nyc.
Sources: CDC, National Gardening Association, ASPCA, Expedia, and US Census Bureau
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