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[Pet] Trends 2023: A Quantitative Look at the Present and Future of the Korea market

Pets are increasingly becoming not just 'pets,' but members of the family. But what does this trend look like in numbers? Based on the 2023 Pet Trends Korea Market Report, let's delve into these phenomena in detail.

The Current State of Pet Care

- 30% of households have pets, with the percentage being higher in standalone homes.

This 30% figure essentially means that '3 out of every 10 people have a pet.' If you live in an apartment complex, it's likely that at least 3 of your neighbors have pets. These statistics underpin the need for pet-friendly policies, products, and services.

The Caregivers and the Challenges

- Women and people in their 40s are predominantly the primary caregivers.

- Many avoid pet ownership due to the complexity of care and high costs.

Women in their 40s, who are often in the most active phases of their life both professionally and personally, are the primary pet caregivers. This is probably because this life stage offers a relative stability in both work and family life. However, many abstain from pet ownership citing 'complex care' and 'high costs.' There is an urgent need for services or products to address these issues.

40s Women by Adobe AI
40s Women by Adobe AI

The Nitty-Gritty of Pet Care

- The average monthly cost of pet care is 149,000 KRW (approximately 130 USD).

- Information about pets is mostly sourced online.

The figure of 149,000 KRW may seem easy to overlook, but annually, this adds up to around 1.8 million KRW (approximately 1,560 USD). This could serve as a significant financial burden for many households. The reliance on online sources for pet information suggests that digital platforms are effective channels for pet-related products and services.

In summary,

pet care is far from a trivial matter. It involves various complexities, from the financial investment to the emotional commitment. These aren't just trends but are shifts that require both understanding and action. This understanding serves as a vital first step toward not only a better life with their pet but also toward the development of more effective and empathetic pet services and products. The data and insights provided in the 2023 Pet Trends Report can serve as a valuable roadmap for anyone interested in the evolving dynamics of pet care. Thanks to the source report of the open survey pet 2023 report.

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