The Booming Pet Economy

The pet industry is projected to reach $500 billion globally by 2030, fueled primarily by the increasing expenditure on pet care. In the United States, dog ownership costs approximately $1,600 annually, while cat ownership amounts to about $1,000. In contrast, in China, these figures are significantly lower, with dog ownership averaging around 2,500 yuan and cat ownership at about 1,500 yuan. This disparity highlights regional differences in pet care and ownership trends, with a noticeable inclination for dogs in urban settings due to their companionship, despite the higher costs associated with dog care.