Costs of raising pets and changing pet market consumer trends
- 5 years ago
The pet market is growing amid an increasing number of people raising pets.
Our Hong Yoo tell us how much money you might need to take care of a pet these days.... as well as the changing spending trends of pet owners.
More than 10 million people living in South Korea have a pet.
That's one pet for every four households.
According to a pet report by KB Financial Group, raising a dog costs an average of 85 U.S. dollars a month and raising a cat requires an average of 64 dollars a month.
Most of that money goes on food and treats.
The rest of the money is used for medical care and grooming.
But people are happy to treat their pets because these days pet owners think of their pets as a member of their family.
In Korea, these people are called "PetFam".
The pet food market alone has seen an average of 19 percent annual growth on the back of this trend.
And because people think of their pets as part of their family, they want to take their pets along with them on trips.
So tour companies have started creating "pet tours".
"Because there are people who want this kind of tour, we saw the potential of such a product in the market and so we came up with our Jeju pet tour. Pets can accompany their family all the time during the tour to Jeju Island including at the restaurant, tour spots, and the hotel because this tour is pet-centered."
There are even home spa products for pets such as skin moisturizers, scaling products and grooming mists labeled as premium products because they are organic, eco-friendly, and pet-friendly. They can cost up to 40 dollars.
"Before, people used to think about pets as a living thing that you can buy just like a toy. But because people think of their pets as a part of the family, the pet market has become similar to the baby market. So now, owners are turning to premium products for their pets."
And there are also luxury pet shops which sell premium products that can cost up to a thousand dollars.
That is the cost of a pet bed made out of oak in the style of the bed of King Louis the 16th.
And at this luxury department store, the most popular dog food costs more than 50 dollars for just 1-and-a-half kilograms.
These changing consumer trends in the pet market show how owners are willing to spend a lot on the best quality products for their pets now that they are seen as part of the family.
Hong Yoo, Arirang News.
Our Hong Yoo tell us how much money you might need to take care of a pet these days.... as well as the changing spending trends of pet owners.
More than 10 million people living in South Korea have a pet.
That's one pet for every four households.
According to a pet report by KB Financial Group, raising a dog costs an average of 85 U.S. dollars a month and raising a cat requires an average of 64 dollars a month.
Most of that money goes on food and treats.
The rest of the money is used for medical care and grooming.
But people are happy to treat their pets because these days pet owners think of their pets as a member of their family.
In Korea, these people are called "PetFam".
The pet food market alone has seen an average of 19 percent annual growth on the back of this trend.
And because people think of their pets as part of their family, they want to take their pets along with them on trips.
So tour companies have started creating "pet tours".
"Because there are people who want this kind of tour, we saw the potential of such a product in the market and so we came up with our Jeju pet tour. Pets can accompany their family all the time during the tour to Jeju Island including at the restaurant, tour spots, and the hotel because this tour is pet-centered."
There are even home spa products for pets such as skin moisturizers, scaling products and grooming mists labeled as premium products because they are organic, eco-friendly, and pet-friendly. They can cost up to 40 dollars.
"Before, people used to think about pets as a living thing that you can buy just like a toy. But because people think of their pets as a part of the family, the pet market has become similar to the baby market. So now, owners are turning to premium products for their pets."
And there are also luxury pet shops which sell premium products that can cost up to a thousand dollars.
That is the cost of a pet bed made out of oak in the style of the bed of King Louis the 16th.
And at this luxury department store, the most popular dog food costs more than 50 dollars for just 1-and-a-half kilograms.
These changing consumer trends in the pet market show how owners are willing to spend a lot on the best quality products for their pets now that they are seen as part of the family.
Hong Yoo, Arirang News.