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China spends billions of dollars annually on pets

in International Business

China spends billions of dollars annually on pets

petsHaving one of the world’s lowest birth rates, China is witnessing a growing number of pet lovers among its middle class.

About 7% of households in China now have a dog, and 2% have a cat.

China spends USD 1.5bn on pampering pets annually. Ownership of pets is expected to rise rapidly and the value of pet care industry is expected to USD 2.2bn over the next five years.

With the quantity of pets, the demand for luxury services and gourmet products is increasing as well.

Pet owners take their pets to luxurious salons for beauty maintenance, and pay for specialty services such as acupuncture and Chinese-style massage.

Financial services are cashing in too. Just last month, state insurer PICC started offering pet insurance policies that cost as much as USD 550 a year, state media reported.

Tags assigned to this article:
China birth rateChina householdsChinese petsPets

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