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China's Pet Economy: How Emotional Economics Explains the Boom

In China, pets are becoming more than just pets, but family members, and the industry is exploding. Affectionately referred to as “furry children” (mao hai zhi), pets are now at the center of emotional economics.

As of last year, China had nearly 120 million pets, which exceeds the number of children under the age of four. Cats, in particular, have seen a surge in popularity in recent years, driving the size of the related market. According to Goldman Sachs, China's pet economy has grown to around 60 trillion yuan, a 75% increase in just six years.

Driven by the 2030 generation, the market is focused on fulfilling emotional value beyond simple consumption. The pet exhibition in Beijing was dominated by younger visitors, who find pets provide instant emotional satisfaction that is hard to find in human relationships.

In China, veterinary clinics that utilize traditional Chinese medicine techniques have emerged, offering services such as acupuncture treatments. Despite the high cost of these services, they are trusted enough to be used by many consumers.

In conclusion, China's pet economy has gone beyond mere economic activity to become a new industrial model that understands and fulfills people's emotions. This trend is likely to continue in the future.

Summary: China's burgeoning pet economy

The pet industry, or “pet economy,” is booming in China. A growing culture of treating pets like family members has led to a KRW 60 trillion market, with the 2030 generation emerging as the main consumer group.

Growing number of pets: China has more than 120 million pets, exceeding the number of children under the age of 4. Cats in particular are growing in popularity.

Market size: In 2024, the pet industry was worth about 60 trillion yuan, and is expected to reach 81 trillion yuan by 2027.

Increasing spending: Annual spending on dogs and cats is steadily increasing to about KRW 600,000 and KRW 400,000, respectively.

Evolution of the pet economy: Animals that were once kept for utilitarian purposes are now seen as family members, and emotional interaction and sentimental value have become important.

Younger generations and industry growth: Generation 2030 (those born between 1990 and 2000) account for about 67% of all pet owners, and their emotional needs are driving market growth.

In China, a variety of advanced medical services, including Chinese medicine such as acupuncture, are also being offered to pets, and both the number of related companies and market size are growing rapidly.

FAQs

Q1. What is the pet economy?

Pet+Economy refers to all economic activities related to pets. It covers a wide range of sectors, from food, supplies, medical services to education.

Q2. Why is the pet economy growing in China?

The declining birth rate in China, coupled with a culture where younger generations are turning to pets for emotional satisfaction.

Q3. Why are cats more popular in China?

Cats are popular among the younger generation because they are relatively easy to care for and provide emotional companionship.

Q4. How are Chinese medicine treatments applied to pets?

In China, there are a growing number of specialized hospitals that utilize traditional Chinese medicine techniques such as acupuncture and ultrasound to treat pet health issues.

Q5. How will China's pet economy develop in the future?

From an emotional economy perspective, the market is expected to expand further as the trend of emphasizing emotional value continues.

#chinapeteconomy #petindustry #emotionaleconomics #generation2030 #chineseeconomy

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