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Delving into China's pet economy, experts Heyang, Yushan & Steve discuss the growth of pet ownership, evolving perceptions, unique services, and trends like pet strollers and DOGA. They explore the emotional decisions, rising costs, and societal impact of the booming pet industry in China.
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Quick takeaways
- Shift in perception of pets as family members in urban China
- Growth potential for pet ownership in China with emerging pet economy
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The Booming Pet Economy in China
The pet economy in China has experienced significant growth, reaching a staggering billion yuan in 2022 and is predicted to double the next year. With pets being treated as family members, the urban pet consumption market in China was valued at 279.3 billion Yuan in 2023, continuing to grow. Despite the substantial market size, the ratio of Chinese households with pets remains lower than in countries like the United States and Canada, indicating potential for further growth and normalization of pet ownership.
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