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Pets are family too

Pets are family too

15-10-2021 | Daily sketch

The humanization of pets appears to be a global trend. It has been well documented in North America and Europe. Now, research by UBS shows 57% of Chinese pet owners see their pets as kids, and a further 28% sees them as family members. This humanization of pets compels owners to spend more on their animal companions. For example, they buy premium pet food, take their pet to the vet more often, use grooming services and even purchase insurance for their furry family members. The Chinese pet market is worth USD 383 billion and is expected to grow by approximately 15% per annum in the coming five years. For many internationally operating pet companies, China has the potential to be one of their largest markets.

Source: UBS, Chinese Pet Industry white paper, 2021.
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