DINKWADs have a lot of money to spend. As do DINKs. Both are just the latest acronyms to describe a specific slice of consumers. DINKWADs are people with “double income, no kids, with a dog,” and DINKs are the same, only they don’t have a dog.
The Insider reports these folks represent the “latest economic and lifestyle trend to take over TikTok.” This demographic cohort is growing for two main reasons. One is the “increasing acceptability of not having children,” says Pamela Aronson, a professor of sociology at the University of Michigan-Dearborn.
The other is economic. Kids cost a lot of money. The Insider says Brookings estimates that “the cost of raising just one child has spiraled to $310,605,” which doesn’t include the added expense of sending them to college.
DINKWADs and DINKs are represented in a range of demographics, from Gen Z to boomers. Not having kids gives them the money to spend on travel, entertainment, and more. Many younger DINKWADs are just now able to buy a house instead of renting. Until recently, stagnant wages kept many of these DINKWADs and DINKs in a financial rut.
According to The Insider, “income growth has stagnated. At current growth rates, it would take over 100 years for a typical family to double its income, compared to a doubling every 23 years from 1943 to 1973.”
Owning a dog costs around $2,000 a year, which may explain why more than 48 million American households own a dog. Many are new to pet ownership—23 million households adopted a pet during the pandemic.
I’m not certain how many in this demographic even know what a DINKWAD or DINK is. So ignore the acronyms, but adjust your marketing to include this growing group of American consumers.