Chongqing- As family members and intimate companions, pets have been ever more popular in Chinese households in recent years, prompting the rapid growth of the pet economy in China. Many people prepare various gifts for their pets on special days, and May 20 is no exception.
May 20, also called 520, is another special day, like Valentine's Day, in China because it sounds very close to "Wo Ai Ni" in Chinese, meaning "I Love You." This year, the people are not only celebrating with their partners but also with their pets, driving the pet economy to become more popular.
The pet economy is experiencing rapid growth in China. (iChongqing file photo)
Today, more young people are starting to keep pets in their daily lives. According to an analysis released by Price Waterhouse Coopers, the market size of China's pet industry will reach 348.8 billion yuan (about 51.86 billion U.S. dollars) in 2021, with a growth rate of 17%. According to another survey, the number of dogs and cats in urban areas in China has exceeded 100 million by 2020.
"There are many people who keep pets now. For them, pets are the sustenance of their emotions," said a pet photography shop owner in Chongqing, Southwestern China. The owner said many customers would take artistic photos on their pets' birthdays, just like taking pictures of their children as souvenirs. Many customers are used to buying one set a year, and the repurchase rate can reach 30 to 40%.
The pet economy is considered a "lonely business" for young people, and the continuous rejuvenation of consumer groups drives the prosperity of the pet industry, said a Chongqing Technology and Business University professor. Due to the fast-paced urban life, pets can relieve work pressure, so more people are willing to invest time and money in them.
A picture of a Husky dog. (Photo provided to iChongqing)
With the gradual maturity of the pet economy, a series of related products and services created a completed industrial chain, including food supplies, foster care training, medical beauty, photography, and insurance. In addition to investing money, today's pets have a more robust accompanying attribute. Especially in new life scenarios such as self-driving and camping, the pets' appearances are becoming more prevalent.
"Behind the rise of the pet economy, people crave the emotional belonging of love and company," said a professor at Sichuan International Studies University. He believes that the meaning of pets to people has been transformed with the development of society. The pet economy is a dynamic economy that meets young people's spiritual needs today. In the past, people domesticated animals more valued their practical attributes of housekeeping, but now many regard pets as relatives or even their children, dominating pets' emotional attributes.
He thinks that young people attach great importance to the sense of ritual in the pet-friendly era of today. In addition to the emotional factor, the popularity of the pet economy also has the aspect of imitation. This means that once people see that one with pets has a very fulfilling life and thus engages in imitation behavior. The appeal behind it is the aspiration for a better life.
(Wang Yuxuan, as an intern, also contributed to this report.)