Younger generations boost development of China’s pet industry
According to a recent report, the market value of China’s pet industry hit 170.8 billion yuan in 2018, up 27 percent from 2017. The figure is expected to reach 200 billion by 2020.
73.6 million people in urban China had a pet last year, and those born between 1980 and 2000 accounted for 75 percent of this group.
Liu Chang, who graduated from college two years ago, is now living in a 20-square meter room with three pets. She spends nearly half of her salary each month on her animals.
Liu is not the only one willing to spend money on her animals. Du Min, who currently works in Beijing, is another example. Du spends over 5,000 yuan ($745) on her three-year-old dog every month.
A report issued by the research institute of Sinolink Securities revealed that millennials are promoting the development and upgrading of the pet industry, as many in the group are single and like the company of a pet.
The industry, which until now has focused on basic demands such as food, is starting to upgrade as the status of pets within society increases.
Maomao, head of an e-commerce company in the pet industry, noted that consumption upgrading of the sector applies to not only a rise in prices, but also an improvement of service quality and user experience.
Following the catering industry, shopping and housekeeping services which resorted to the internet for modern solutions, the pet industry is also offering innovative services, such as a call-out vet service.
“The Internet has become a lifestyle for today’s young people, so to
offer quality services online is an obvious solution,” said Qiao Wei,
CEO of an online platform selling pet commodities.